The price of Bitcoin (BTC) has reached a new all-time high of just over $94,000 U.S.
In the last 24 hours, Bitcoin rose as high as $94,068.75 U.S. before pulling back to trade around $93,800 U.S.
The record high for Bitcoin comes amid excitement for a second presidential term of Donald Trump and rising military tensions between Russia and Ukraine.
Cryptocurrencies have been rallying since Donald Trump won the U.S. presidency on Nov. 5, with Bitcoin’s price climbing more than 30% in that time span.
Bitcoin’s price appears to also be getting a lift from escalating tensions between Russia and Ukraine. Some investors see Bitcoin as a safe haven asset in times of turmoil, similar to gold.
Russian President Vladimir Putin has said that the threshold for using nuclear weapons has been lowered after Ukraine used U.S. missiles to strike military targets inside Russia.
That news appears to have given the price of Bitcoin a further boost.
However, Bitcoin is primarily benefitting from investor enthusiasm for crypto as president-elect Donald Trump is expected to undertake less regulation and encourage adoption of digital coins.
Bitcoin’s price is now up 112% this year, outpacing stocks.
