.png)
Jonathan Raa | Nurphoto | Getty Images
Bitcoin rose to a new all-time high on Wednesday, breaking its January record.
The price of the flagship cryptocurrency was last higher by 2% at $108,955.10, according to Coin Metrics. Earlier, it rose as high as $109,500.
"Bitcoin's new high has been concocted by an array of favorable ingredients in the macro cauldron, namely softer U.S. inflation numbers, a de-escalation in the U.S.-China trade war and the Moody's downgrade of U.S. sovereign debt, which has put the spotlight on alternative stores of value like bitcoin," said Antoni Trenchev, cofounder of crypto exchange Nexo.
Bitcoin hits a new record Wednesday
The move comes amid steady inflows into bitcoin ETFs, lower selling pressure as indicated by inflows into exchanges and increased liquidity in the crypto market. The price has been steadily climbing in May, up 16% so far the month, driven by corporate momentum and adoption by Wall Street.
English (US) ·