Woke up to a record high... Bitcoin soars again in a day

Bitcoin, the leading cryptocurrency, reached a new record high again in a day.

On the 6th (local time), according to U.S. cryptocurrency exchange Coinbase, as of 2:55 p.m. that day Bitcoin was trading at 126,279.63 dollars, up 2.67% from 24 hours earlier. It is a record high for consecutive days. It surpassed the previous record high of 125,000 dollars set the day before.

Ethereum, the second-largest cryptocurrency by market capitalization, also rose more than 4% and was trading at around 4,723 dollars (based on Coinbase) at a similar time that day.

Bloomberg reported that the so-called 'debasement trade' (debasement trade) is spreading as financial concerns over rising debt in major countries around the world increase, prompting moves to hedge against currency value declines. The report explained that money is flowing into safe-haven assets such as Bitcoin, gold, and silver rather than existing major currencies like the dollar.

The dollar is under downward pressure as the U.S. government's shutdown continues. The euro is also fluctuating due to rising political uncertainty in France. This continues to increase the appeal of alternative assets such as precious metals and cryptocurrencies.

The price of gold, regarded as a representative safe-haven asset, also set a record high that day. Bitcoin is increasingly being perceived as 'digital gold'.

Song-ryeol Lee, Hankyung.com reporter yisr0203@hankyung.com