Favorable regulatory conditions under the previous US administration and strong institutional buying contributed to Bitcoin’s prior peak of $124,480 in August.
A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken on 18 October 2021. REUTERS/Edgar Su/File Photo
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A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken on 18 October 2021. REUTERS/Edgar Su/File Photo
Bitcoin, the leading cryptocurrency when measured by market capitalization, soared to an all-time high on Sunday, climbing approximately 2.7% to reach $125,245.57 as of 0512 GMT.
The previous peak for Bitcoin was recorded in mid-August, reaching $124,480. This earlier surge was attributed to more accommodating regulatory policies during the Trump administration and substantial investment activity from institutions.
The digital currency had been on an upward trend, gaining ground for eight consecutive sessions as of Friday. This sustained growth was fueled by recent positive performance in US stock markets and consistent inflows into Bitcoin exchange-traded products.
Conversely, the US dollar weakened on Friday, experiencing losses against major global currencies over several weeks. This downturn was influenced by uncertainties surrounding a potential US government shutdown, which cast a shadow over economic forecasts and caused delays in the release of crucial economic data, including payroll figures, which are vital for assessing the overall health of the economy.