Bitcoin hits record high amid optimism over US legislation

London: Bitcoin hit a record high on Wednesday, driven by a wave of optimism over cryptocurrency legislation in the United States. The world s most...

London: Bitcoin hit a record high on Wednesday, driven by a wave of optimism over cryptocurrency legislation in the United States.

The world's most popular cryptocurrency surged to an all-time peak of $109,499.76, surpassing its previous high set on January 20 when Donald Trump was sworn in as US president.

Bitcoin gained after US policymakers showed greater bipartisan support for a cryptocurrency bill on the regulation of so-called stablecoins, digital coins whose value is tied to the dollar, according to analysts.

This has sparked fresh hopes for regulatory clarity in the sector, including for Bitcoin which is not directly linked to the dollar.

The digital currency has also been buoyed by a more favourable macroeconomic environment, as investors' appetite for riskier assets has returned following an easing of tensions between the US and its key trading partners.