Rolling coverage of the latest economic and financial news, as Andrew Bailey insists: “I think the path [for interest rates] is down.
Bitcoin has surged to a new record high this morning, clearing the $120,000 point for the first time.
The world’s largest crypto currency is now trading at $122,571, amid interest from institutional investors and the Trump White House’s pro-crypto atmosphere. It has now gained 30% so far this year (and roughly 1,200% over the last five years).
Its gains have been driven by strong inflows into ETFs, including BlackRock’s Bitcoin ETF IBIT, which, after receiving $1.7bn in inflows last week, now manages $84bn in FUM (funds under management).
Still, the rally is underpinned by a crypto-friendly US policy shift and growing emerging market adoption — both remain intact.