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Earlier this Monday, Bitcoin hit a new all-time high of $109,356 on the Bitstamp exchange at 06:56 UTC.
The leading cryptocurrency is currently changing hands close to the $108,000 level after paring some gains.
It took the biggest coin by market cap more than a month to take out the previous record peak that was reached on Dec. 16.
Bitcoin ended up plunging to as low as $89,164 on Jan. 13. The substantial 18% correction was mainly caused by concerns about the Fed’s hawkish U-turn.
The cryptocurrency has now rallied by roughly 23% after reaching the aforementioned local low.
The market has experienced extreme turbulence over the pat 24 hours, with nearly $1.25 billion worth of longs and shorts being liquidated over the past 24 hours.
Bitcoin is surging higher due to widespread expectations of an aggressively pro-crypto pivot in the U.S.
Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.
Source: https://u.today/breaking-bitcoin-hits-new-all-time-high