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Is another spectacular Bitcoin comedown inevitable?
Bitcoin is trading at all-time highs, surging beyond £93,000 for the first time.
The world's biggest cryptocurrency has doubled in value over the past 12 months - buoyed by Donald Trump's return to the White House. However, its 10% surge over the past week is down to one specific factor: the US government shutdown.
Experts have told Sky News that the drama unfolding in Washington is undermining trust in the dollar - and pushing investors to alternatives. Bitwise senior associate Max Shannon said stubbornly high inflation, which erodes spending power, is another factor.
Some countries are also increasing their monetary supply - watering down the value of cash in circulation - with government borrowing on the rise. That's led to what's known as a "debasement trade.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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