Bitcoin jumps to new all-time high, surpassing prior record in January

"Bitcoin's new high has been concocted by an array of favorable ingredients in the macro cauldron, namely softer U.S. inflation numbers, a de-escalation in the U.S.-China trade war and the Moody's downgrade of U.S. sovereign debt, which has put the spotlight on alternative stores of value like bitcoin," said Antoni Trenchev, cofounder of crypto exchange Nexo. The price of the flagship cryptocurrency was last higher by 2% at $108,955.10, according to Coin Metrics. Earlier, it rose as high as $109,500. "We've entered an alternate universe very different from early April when global macro concerns were at their peak and bitcoin slumped to $74,000," he added. "It's possible a three-month window has opened for risk assets to thrive as a broader agreement between the U.S. and China is thrashed out." Bitcoin's price has been steadily climbing in May, up 16% so far the month. Cumulative inflows into ETFs tracking the price of bitcoin surpassed $40 billion last week and have seen just two da ... Read full article.