Bitcoin hovers near all-time high

NEW YORK: Bitcoin hovered near its record high on Monday as the world’s largest cryptocurrency by market value continued to benefit from strong demand from investors.

The rally in bitcoin since the start of the year has been underpinned by flows from institutional investors, friendlier policies of the administration of US President Donald Trump, and increasing connection with global financial systems.

Bitcoin climbed above USD125,000 for the first time on Sunday, rising to USD125,653.32. It was last up 1.66 percent to USD124,861.70, on course for the second straight session of gains. It is has gained more than 33 percent this year.