Cryptocurrencies
Bitcoin Hits Record as Inflation Hedge Drumbeat Grows Louder
- People are looking for places to put their money, says Kinahan
- Rally’s fueled by sustained inflation we are witnessing: Chung
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Bitcoin hit another record high and is flirting with $69,000 for the first time after inflation data bolstered the argument that the cryptocurrency is a hedge against rising cost pressures.
The largest digital asset by market value rose as much as 1.9% to $68,991 on Wednesday, topping the previous high set late Monday in New York trading. Other coins also rose, with the Bloomberg Galaxy Crypto Index -- which tracks major cryptos -- gaining as much as 2.4% to its highest level since May.