Bitcoin hits record $125K mark
Propelled by recent gains in US equities, inflows into bitcoin exchange-traded funds
image for illustrative purpose
New Delhi: Bitcoin, the world’s largest cryptocurrency by market value, hit a record high on Sunday and was up nearly 2.7 per cent at $125,245.57. On Sunday, the bitcoin stood at $124,353.96, up 1.55 per cent in intraday trading. The cryptocurrency experienced its eighth consecutive session of surges on Friday, propelled by recent gains in US equities and inflows into Bitcoin exchange-traded funds.
Bitcoin’s previous record was $124,480 in mid-August, buoyed by friendlier regulations from US President Donald Trump’s administration and strong demand from institutional investors. The sustained institutional buying and the moves by the Trump administration to ease investment in crypto assets added to the tailwinds. The passage of stablecoin regulations and the US Securities and Exchange Commission’s (SEC) overhaul of regulations to accommodate digital assets have bolstered investor confidence.
In contrast, the US dollar experienced a decline on Friday, resulting in multi-week losses against major currencies. The outlook was clouded by the uncertainty surrounding a US government shutdown, which delayed the release of critical data, such as payrolls, which are essential for determining the economy’s direction.
Analysts said that this bullish trend is consistent with the price performance of Bitcoin following the halving event. Typically, the halving event is seen as a catalyst that triggers long-term price rallies for BTC, as it involves slashing by half the volume of the cryptocurrency. The United States has been warming up with Pakistan, focusing on a cryptocurrency agreement involving the US President Donald Trump’s family’s World Liberty Financial and military-linked funds in Pakistan, according to DisInfo Lab.
