Bitcoin hits new all-time high, surpasses $125,000 mark
What's the story
Bitcoin, the world's largest cryptocurrency by market capitalization, has hit a new all-time high of $125,245.57. The digital currency was up nearly 3% at the time of writing. The previous record of $124,480 was set in mid-August amid favorable regulations from US President Donald Trump's administration and strong institutional investor demand.
Market trends
Bitcoin's latest record comes after an 8-day rally
Bitcoin's latest record comes after an eight-day rally, fueled by recent gains in US equities and inflows into bitcoin exchange-traded funds (ETFs). The cryptocurrency's performance is also contrasted with the US dollar, which retreated on Friday. The dollar posted multi-week losses against major currencies due to uncertainty over the ongoing US government shutdown and delayed key data releases such as payrolls.