Surpassing $116,000... Bitcoin Hits a New Record High

SadaNews Economy - The cryptocurrency "Bitcoin" soared today, Friday, to its highest level ever, boosted by demand from institutional investors and the supportive policies for cryptocurrencies implemented by U.S. President Donald Trump’s administration, according to Reuters.

The world's largest cryptocurrency reached a peak of $116,781.10 during Asian trading on Friday, taking its gains since the beginning of the year to over 24%. It was last traded at $116,563.11.

Joshua Chu, co-chairman of the "Web 3 Association" in Hong Kong, said: "The new peak that Bitcoin has reached is driven by a relentless accumulation of institutional demand, with major players taking what is available and absorbing liquidity in trading."

In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He appointed several pro-cryptocurrency figures to important positions, such as SEC Chairman Paul Atkins.

As for "Ethereum," the second-largest cryptocurrency in the world, it also jumped by nearly five percent to $2956.82, after previously touching a five-month high of $2998.42.