Bitcoin has reached a historic high of almost $112,000 per coin: reasons
On Wednesday, July 9, in the evening, bitcoin set an all-time high of $111,988.90 due to investors' increased appetite for risk and steady demand from large financial companies. About this writes Reuters.
Since the beginning of the year, the price of the first cryptocurrency has already increased by more than 18% and is currently trading at $111,259.
"Bitcoin is the only asset that I know of that becomes less risky as its market capitalization grows," said Anthony Pompliano, founder of Professional Capital Management.
Donald Trump's administration's policies that support the crypto market are also contributing to the growth of digital assets.
For example, the Trump Media & Technology Group, a company associated with the Trump family, has applied to the US financial regulator to launch an exchange-traded fund (ETF) that will invest in several cryptocurrencies, including bitcoin.
Other digital assets are also rising in price amid bitcoin's growth. Ethereum hit a one-month high of $2,794.95. Last time it was traded at $2,740.99, up 5.4% on the previous day .
Cryptocurrency stocks are also growing. For example, MicroStrategy, co-founded by a well-known bitcoin supporter Michael Saylor, rose 4.7% to $415.41. Coinbase shares rose 5.4% to $373.85.
- In May, the assets of crypto funds reached a record $167 billion due to the loss of confidence in investments in the US.
