Bitcoin Price Hits $111,000 for the First Time
Bitcoin has hit a new record high. Its price on Thursday climbed to $111,878, a 3.3% rise from one day ago. It is the first time Bitcoin has topped $111,000.
Reasons Behind the Rise
The surge in price is attributed to heavy demand from institutional buyers. Favorable policies by U.S. President Donald Trump have also impacted this trend. These have assisted in creating confidence in the market for cryptocurrency.
Global Response and Market Performance
A few nations, like India, still do not legally recognize Bitcoin. Yet, the U.S. regulatory climate is also supportive, and market activity is being encouraged. Besides Bitcoin, the second largest cryptocurrency, Ether, also recorded a notable surge with a rise in value by 7.3%.
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