Bitcoin hits all-time high above $125,000

Washington: Bitcoin, the world’s largest cryptocurrency by market value, hit a record high on Sunday and was up nearly 2.7 per cent at $125,245.57 at 0512 GMT.

Bitcoin’s previous record was $124,480 in mid-August, buoyed by friendlier regulations from the Trump administration and strong demand from institutional investors.

The cryptocurrency had risen on Friday for an eighth straight session, bolstered by recent gains in US equities and inflows into bitcoin ETFs Reuters reported.

In contrast, the US dollar retreated on Friday, posting multi-week losses against major currencies, as uncertainty surrounding a US government shutdown clouded the outlook and delayed key data releases, such as payrolls, critical for gauging the economy’s direction.