BitcoinImage Credit source: ai generated
The price of Bitcoin broke the record of three months. Between the stock market and gold and silver, Bitcoin has crossed 80,000 dollars, creating a new record. The effect of the boom in the Asian market is visible on Bitcoin. Earlier, Bitcoin had made a record of $ 1,26,000 in October last year. After that it started declining and by the time it fell it reached $60,000.
Bitcoin rose above $80,000 for the first time in more than three months as Asian stock markets hit record highs. On Monday morning, this digital currency rose by about 1.9% to reach $80,393 in Singapore, which is its highest level since January 31. Other crypto tokens like Ether also saw a rise.
This gain has come at a time when the MSCI Asian Equity Index is close to its all-time high made in February. At that time tension was about to start between America, Israel and Iran. Last week, good corporate results of tech companies also kept the market strong.
Why did Bitcoin increase?
Mixed reactions are being seen in the market regarding Iran. US President Donald Trump has said that America will help in safely evacuating some ships passing through the Strait of Hormuz. But an Iranian official has warned that if America intervenes, it will be considered a violation of the ceasefire. In October last year, the price of Bitcoin had gone above $126,000, but after that it declined for several months and in February it came down to around $60,000. Now due to increasing institutional demand, Bitcoin is gradually becoming stronger again.
According to Bloomberg data, there was a net inflow of $630 million in America’s Bitcoin ETF on Friday. According to an expert at a crypto investment firm, traders are excited by the hope that rules related to stablecoin yields can be agreed upon in the US. This may lead to a new crypto law. He said that the level of $80,000 has been a big psychological barrier.
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