Bitcoin hits all-time high above $125,000

Bitcoin, the world’s largest cryptocurrency by market value, hit a record high on Sunday and was up nearly 2.7% at $125,245.57 at 5:12 GMT.

Bitcoin’s previous record was $124,480 in mid-August, buoyed by friendlier regulations from US President Donald Trump’s administration and strong demand from institutional investors.

The cryptocurrency had risen on Friday for an eighth straight session, bitcoin exchange-traded funds.

In contrast, the US dollar retreated on Friday, posting multi-week losses against major currencies, as uncertainty surrounding a US government shutdown clouded the outlook and delayed key data releases, such as payrolls, critical for gauging the economy’s direction.