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 U.S. currency.
Crypto market participants often point to increased involvement from traditional financial firms as reasons for its gains.
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This week they have referenced JPMorgan CEO Jamie Dimon, a long term crypto sceptic, saying its clients can buy bitcoin and crypto exchange Coinbase being added to the S&P 500 this month as being contributing factors.
Coinbase said on Monday the U.S. Department of Justice has opened a probe into a recent data breach at the company.
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