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 US$109,760.08, and was last up 1.1 per cent at US$108,117.
“Now that January’s high has been surpassed – and the 50 per cent upside from April’s lows has been achieved – bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favourable US regulatory environment,” Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment.
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 per cent from its early April low.
