Bitcoin soared to a new all-time high on Sunday, climbing to $125,689 and surpassing its previous August peak of around $124,500.
The world’s largest cryptocurrency has seen strong upward momentum in recent weeks, bolstered by investor caution over a potential US government shutdown. Gains in US equities have further supported Bitcoin’s rise, as market participants increasingly turn to perceived safe-haven assets, according to Bloomberg News.
The ongoing fiscal uncertainty in Washington, where lawmakers are still negotiating a deal to fund the federal government, has fueled demand for decentralized assets like Bitcoin.
Former US President Donald Trump has also played a notable role in crypto’s recent resurgence. A long-time promoter of digital assets, Trump and his family have actively engaged in various cryptocurrency ventures, significantly boosting his personal wealth and signaling a marked shift in US policy from the more skeptical stance under President Joe Biden.
This shift culminated in July, when the US House of Representatives passed three landmark cryptocurrency bills, paving the way for a more defined regulatory framework. The moves have been welcomed by crypto investors and are seen as a key driver behind Bitcoin’s recent surge.
“With many assets—including equities, gold, and even collectibles like Pokémon cards—hitting all-time highs, it’s no surprise Bitcoin is benefiting from the dollar debasement narrative,” said Joshua Lim, co-head of markets at crypto prime brokerage FalconX, in comments to Bloomberg News.
AFP
