The world’s largest cryptocurrency Bitcoin has again defied the odds, topping out over $125K over the weekend, its current all-time-high.
This trumps even the $124K-plus that was registered in August, amongst indications that the US administration is not only friendly to crypto but is actively supporting it.
The escalation in Bitcoin’s price also comes amidst global political uncertainty, tightened budgets and concerns over rates. This was prominently exposed in the possible US government shutdown and weak US-dollar performance.
Investors are also concerned about currency fluctuations, with Bitcoin having demonstrated some resilience to surviving shocks, although its volatility does remain a point of concern.
Despite this, the institutional uptake of the cryptocurrency, and general crypto-friendly stance that has been seen worldwide, is a positive sign for the sector.
Emerging rules around stablecoins also prompt confidence in fiscal backing for the digital assets, shifting from a Wild West to a regulated and reliable asset class.
