Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration
(Reuters) -Bitcoin, the world's largest cryptocurrency by market value, hit a record high on Sunday and was up nearly 2.7% at $125,245.57 at 0512 GMT.
Bitcoin's previous record was $124,480 in mid-August, buoyed by friendlier regulations from U.S. President Donald Trump's administration and strong demand from institutional investors.
The cryptocurrency had risen on Friday for an eighth straight session, bolstered by recent gains in U.S. equities and inflows into bitcoin exchange-traded funds.
In contrast, the U.S. dollar retreated on Friday, posting multi-week losses against major currencies, as uncertainty surrounding a U.S. government shutdown clouded the outlook and delayed key data releases, such as payrolls, critical for gauging the economy's direction.
(Reporting by Anusha Shah in Bengaluru; Editing by Lincoln Feast and Jamie Freed)
