Bitcoin hits new record high near $112,000 as rally marches on

Bitcoin continued its rally on Thursday, hitting a new record high near $112,000. The price of the flagship cryptocurrency was last higher by more than 3% at $111,777.01, according to Coin Metrics. Earlier, it rose as high as $111,999.00. Unlike the rocket rallies to new records long-time bitcoin observers are used to, it's been a slower-than-usual climb for the cryptocurrency, driven by increasing institutional ownership of the digital asset and corporate adoption of it. Easing trade tensions between the U.S. and China and the Moody's downgrade of U.S. sovereign debt, which has highlighted alternative stores of value like bitcoin, have been key catalysts. Bitcoin's move has been "driven by a mix of positive momentum, growing optimism around U.S. crypto regulation, and continued interest from institutional buyers," James Butterfill, head of research for crypto-focused asset manager CoinShares, told CNBC by email. The price rise in world's largest cryptocurrency is taking place desp ... Read full article.