New record: bitcoin reaches its highest value since January
22 May 07:05
On Wednesday, May 21, bitcoin rose to a new all-time high, breaking its January record. This was reported by "Komersant Ukrainian" with reference to CNBC.
The largest cryptocurrency rose to a record $111,573. According to Coin Metrics, the last time it was worth $108,955.
“Bitcoin’s new high was achieved due to a number of favorable conditions in the macroeconomic cauldron, namely softer inflation in the US, de-escalation of the US-China trade war, and a downgrade of US sovereign debt by Moody’s, which has drawn attention to alternative means of storing value, such as bitcoin,” said the co-founder of the Nexo cryptocurrency exchange.
The publication notes that after several weeks of falling amid uncertainty over tariffs, bitcoin began to grow steadily in May, increasing by 15% over the month.
According to SoSoValue, total inflows into exchange-traded funds that track the price of bitcoin exceeded $40 billion last week, with only two days of outflows in May.
“Cryptocurrencies have benefited from both stock market liquidity, which has given a boost to risk assets, and recent risk-off scenarios related to concerns over tariffs and deficits in the US, which have boosted gold and alternative assets such as bitcoin,” the report said.
