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Bitcoin climbed for the fourth straight day on Wednesday, flirting with the record high set in February amid continued support from major institutions.
As of 9:10 AM ET, bitcoin traded higher by over 4% to $56,111. It is on track for a second straight weekly gain after falling from a high of over $58,000 last month.
On Tuesday, bitcoin hit the $1 trillion market capitalization threshold for the second time since February 19. The cryptocurrency thus far has skyrocketed 600% year-to-date amid divided opinion on whether it's set to become an institutional asset class or is a speculative bubble waiting to burst.
The world's most popular cryptocurrency has been enjoying a steady climb, buoyed by speculation that the third round of stimulus checks expected to land on President Joe Biden's desk in the next days will not only inject liquidity into equities but also cryptocurrencies.
As discussions of more economic stimulus leading to higher inflation heat up, bitcoin bulls are becoming more confident in the asset as a hedge against a weaker dollar.
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See Also:
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- SPACs are trying to stand out in a sea of blank-check listings. Here's what 4 high-profile backers are doing to make their IPOs more attractive to investors.
