Bitcoin hits another record high

NEW YORK: Bitcoin rallied to all-time highs on Thursday, powered by demand from institutional investors and friendly policies of US President Donald Trump’s administration.

The world’s largest cryptocurrency rose to a peak of $116,046.44 as of 21:27 GMT (2:27 am Pakistan Standard Time), breaking the $113,734.64 record scored earlier on Thursday. It is now up about 24 per cent this year.

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In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Paul Atkins and White House artificial intelligence czar c

Trump’s family businesses have also made forays into cryptocurrencies. Trump Media and Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, SEC filing on Tuesday showed.

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Ethereum rose 3.01 per cent to $2,905.24 as of 2130 GMT.