Bitcoin breaks price record as crypto market sees major shift
Bitcoin surpasses $125k for first time as ‘Uptober’ effect hits
- Bitcoin has achieved a new record price, surpassing $125,000 for the first time, aligning with a historical market trend dubbed 'Uptober'.
- Bitcoin holdings on centralised exchanges have dropped to a six-year low, indicating a shift towards a long-term holding strategy by investors.
- Financial experts, including Nigel Green of deVere Group, now view Bitcoin as a legitimate macro instrument and a safe-haven asset, rather than purely speculative.
- The current rally is attributed to increasing institutional adoption, favourable regulation, and Bitcoin's growing integration into global financial systems for diversification.
- Other major cryptocurrencies like Ethereum, Solana, and Dogecoin have also experienced significant price increases, contributing to a record overall crypto market cap of $4.25 trillion.