Bitcoin temporarily rises above the $106,000 mark and marks a new record high

Bitcoin rose above the $106,000 mark on Monday night, setting a new all-time high.

On Monday, the oldest and best-known cryptocurrency was last at $104,527.15, according to CoinMarketCap. It had previously set a new record high of $106,488.25.

Bitcoin has been on a high for almost two years now, taking the price from less than $20,000 to six-figure highs. The latest driver of the rally was the election of Donald Trump as US President. Since then, the price has increased by around half. Trump is considered a supporter of cryptocurrencies.

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In addition, expectations of further key interest rate cuts by major central banks are supporting Bitcoin. The US Federal Reserve will publish its interest rate decision next Wednesday. A further key interest rate cut of 0.25 percentage points is largely expected. According to CoinMarketCap, the market value of Bitcoin is currently around $2.08 trillion. That’s around 56 percent of the total market capitalization of $3.7 trillion of all just over 10,000 cryptocurrencies.

FRANKFURT (dpa-AFX)

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