Desk Report:
The price of Bitcoin, the world’s largest cryptocurrency by market value, set a new record on Sunday. Today, its price in the US market rose to $ 125,245.57 cents, which is almost 2.7 percent higher than before. This information was revealed from a report by the news agency AFP.
The price of Bitcoin reached a maximum of $ 124,480 in mid-August this year. At that time, the price rose due to favorable policies of the US President Donald Trump administration and increased demand from institutional investors.
The price of Bitcoin increased for the eighth consecutive day last Friday. The rise in the US stock market and increased inflows into Bitcoin exchange-traded funds (ETFs) played a role in this increase. On the other hand, the US dollar weakened on Friday. The dollar’s price fell to its lowest level against major currencies in many weeks. Fears of a possible government shutdown in the United States created uncertainty in the market. This has delayed the release of important economic data, including payrolls, which are essential for understanding the dynamics of the economy.
Bitcoin continues to rise despite investors being cautious due to fears of a government shutdown in the United States. The rise in US stocks is also helping this growth. In addition, US lawmakers are continuing to discuss funding the federal government at a time when investors are turning to safe assets, Bloomberg reported.
US President Donald Trump and his family are also big supporters of cryptocurrency. They are involved in various crypto initiatives, which have also increased Trump’s wealth.
Trump’s acceptance of digital assets has changed the position of the US government. During the tenure of his predecessor, President Joe Biden, the government was skeptical of the crypto industry. However, in July, the Trump administration passed three important crypto bills. As a result of these legal changes, the price of Bitcoin has increased by a leap.
“When the stock market, gold, and even collectibles like Pokemon cards are hitting all-time highs, it’s not surprising that Bitcoin is rising,” Bloomberg quoted Joshua Lim, co-head of markets at crypto prime brokerage FalconX, as saying. “This trend is driven by concerns about the dollar’s depreciation.”
