The price of bitcoin continues to rise as investors opt for crypto assets in an effort to find shelter from the decline of the US dollar’s purchasing power.
The world’s most valuable cryptocurrency climbed 6% over the past 24 hours, trading at nearly $58,480 per token at 10:39 GMT.
Another daily surge has been reportedly evoked by the latest decision of the US Federal Reserve to keep interest rates close to zero at least through 2023. The move predictably caused deep concerns among crypto investors, bolstering the cryptocurrency’s appeal as a hedge against rising inflation.
The price of bitcoin has grown tenfold over the past year. Most analysts attribute the gains to higher attention to alternative assets, as stimulus measures adopted by the world’s biggest economy to fight the Covid
-19 pandemic are weakening the greenback.
Moreover, digital currencies are now in growing demand from institutional investors, with a wide range of corporate giants and banking institutions making notable purchases of bitcoin and other cryptocurrencies.