Bitcoin rises to new record high

LONDON: The price of Bitcoin rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month’s tariff-induced sell-off.

The world’s largest cryptocurrency touched a high of $109,481.83, a 2% gain on the day.

Bitcoin, at times, trades in a similar fashion to tech stocks and other assets that rise in value when investor sentiment is high. The tech-heavy Nasdaq is up 30% from its early April low.

That has also coincided with continued weakness in the dollar, a further boost for bitcoin’s exchange rate against the US currency.

Crypto market participants often point to increased involvement from traditional financial firms as reasons for its gains.