Bitcoin hits all-time high as USD on track for worst year since 1973

Bitcoin has reached a new all-time high alongside other risk assets like stocks, driven by a significant decline of the US dollar, which is poised for its worst performance since 1973. Analysts at The Kobeissi Letter noted that both Bitcoin and gold are experiencing record prices, with Bitcoin reported at over $125,000 and gold at $3,880 per ounce. This shift suggests a fundamental change in the market, as evidenced by the strong correlation between gold and the S&P 500. The analysts indicated that a trend towards safe-haven assets is occurring amid challenges such as rising inflation and a weakening labor market. Additionally, the recent US government shutdown has intensified investor interest in Bitcoin as a reliable store-of-value, with its appeal rising as confidence in traditional financial systems wanes. Overall, these macroeconomic factors appear to have catalyzed Bitcoin’s surge to new heights.

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