Thought Leadership
Bitcoin is approaching its record high from mid-July with strong gains. The price of Bitcoin rose to 122,300 dollars (104,820 euros) in early trading on the Bitstamp trading.
The price of the oldest and best-known digital currency recently fell slightly, but at around 122,220 dollars it was still approximately 5,000 dollars higher than at the end of last week.
Bitcoin had already risen in price by around 3,000 dollars over the weekend. According to Rachael Lucas, crypto analyst at BTC Markets, the increase is due to a high level of interest from institutional investors.
The rise of Bitcoin is being supported by steady purchases by corporations to manage corporate finance, inflows into exchange-traded funds (ETFs) and a change in sentiment following new US tariffs on imported gold bullion, Lucas told Bloomberg news agency. “With gold supply shortages and political risks, Bitcoin is gaining traction with investors as a borderless, duty-free store of value.”
After reaching a record high of 123,236 dollars in mid-July on the Bitstamp trading platform, Bitcoin plummeted to around 112,000 dollars at the beginning of August before recovering again.
dpa
