Bitcoin hit $1172.09, an all-time peak for the cryptocurrency.
The digital currency is linked to bullish bets in times of uncertainty, currently making a name for itself as a safe-haven asset. During the past year, the price valuation has soared, as investors search for alternative assets to invest in. Just a month ago, bitcoin was trading at $1000.
The cause of the sudden jerk in price is largely unknown. However, we estimate the following to be the drivers of the increase in price of Bitcoin:
Reflation of the stock market has pushed most assets higher.
Trump’s allegations that certain countries are manipulating their currencies could have caused some investors to opt for the decentralised currency.
There may be a Bitcoin ETF on the horizon. The Securities and Exchange Commission will decide whether to approve the proposal by the 11th of March. The virtual currency could have enjoyed a boost as traders weigh in a positive outcome for the Bitcoin ETF decision.
Bitcoin trading up 1.8%, at $1143.88