Bitcoin hits all-time high, rises above $125,000

Bitcoin, the world’s largest cryptocurrency by market value, reached a new record high on Sunday, climbing nearly 2.7% to $125,245.57.

According to Reuters, the digital currency surpassed its previous record of $124,480 set in mid-August, a surge attributed to friendlier regulations from the United States President Donald Trump’s administration and growing interest from institutional investors.

Bitcoin extended its winning streak on Friday, marking its eighth consecutive day of gains, supported by an uptrend in U.S. equities and increasing inflows into bitcoin exchange-traded funds.

Meanwhile, the U.S. dollar slipped on Friday, recording multi-week losses against major currencies amid uncertainty over a possible U.S. government shutdown. 

The situation has also delayed the release of key economic data, including payrolls, which are vital indicators of the economy’s direction.