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Bitcoin Reaches New All-Time High of $109,500
US cryptocurrency exchange Coinbase reported that Bitcoin hit a new all-time high (ATH) Wednesday morning, surpassing its previous record set in January.
At 11:42 am ET, the asset was trading around $108,839, representing a 3.4% increase on the day and a 4.5% gain over the past week.
The cryptocurrency’s price previously reached approximately $109,000 on the eve of President Donald Trump’s inauguration in January.
BTC fluctuated throughout the previous months, trading largely between $80,000 and $90,000. However, it had been above $100,000 for most of the preceding two weeks before the latest surge.
Despite the rising trajectory of Treasury yields and oil prices, which usually signals risk aversion, traders appear to view Bitcoin as a temporary safe haven (“risk-off”) asset.
However, analysts suggest this may not represent a true decoupling from broader macroeconomic trends. Higher Japanese bond yields in early March are a likely catalyst, potentially strengthening the yen and contributing to the price increase.
“…The yield on its 30- and 40-year government debt has shot up over the past few days, and is now at record highs,” observed Noelle Acheson, author of “Crypto is Macro Now.”
The simultaneous rise in Bitcoin coincides with other supportive factors, including institutional acceptance measures like Coinbase’s inclusion in the S&P 500 and stablecoin regulatory advancements.
Furthermore, recovery from a week’s dip following Moody’s downgrade of US credit and positive risk asset performance, alongside the aforementioned acceptance catalysts, may also be bolstering Bitcoin’s recent gains.
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