Fueled by increasing geopolitical tensions, the price of Bitcoin skyrocketed today above $4,600 and touched an all-time high of $4,693, as per the CoinDesk price index.
Bitcoin prices soared past $4,600 for the first time as investors moved into safe-haven assets amid increasing turmoil between the United States and North Korea. Earlier this morning, North Korea fired a ballistic missile that flew over northern Japan and splashed into the northern Pacific Ocean.
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The rise in Bitcoin value was attributed in recent weeks to the spike in global trading volume, especially from Japan, where the cryptocurrency was recently recognised as a currency. Also, strong demand from China and regulatory progress in the US has helped the digital currency make strides in putting the scaling debate behind it.
Bitcoin’s price has remained largely around the $4,400 mark over the last week, but it seems now to be heading towards $5,000, with prices jumping nearly 60 percent this month alone.
Other digital currencies also rose on Tuesday. Ethereum traded nearly 5 percent higher at $365, about 68 percent higher for the month.