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The top cryptocurrency by market cap escalated to $60,065.15 in mere minutes on the morning of Saturday, March 13, as per Coindesk.
This new record has beat Bitcoin’s previous all-time high of approximately $58,330, which was achieved on February 21. Since then, Bitcoin has fallen to lows of $43,000, impacted by uncertainty in traditional markets regarding stimulus expectations.
As per Coindesk, various stocks and cryptocurrencies have experienced losses and sideways trading over the course of the past several weeks, before seeing another rise in the last eight days.
The new record has been reported just two days after President Joe Biden signed a $1.9 trillion stimulus program into law that will send out stimulus checks to US citizens worth $1,400 each.
US Treasury yields have risen to more 12-month highs following the signing of President Biden’s new stimulus. However, this time around, Bitcoin has demonstrated resilience, unlike in the last week of February when prices dropped by 20% amid rising yields.
Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year.
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It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers.