Bitcoin tops $118,000 for the first time, as the cryptocurrency continues to climb to new heights
By MICHELLE CHAPMAN and WYATTE GRANTHAM-PHILIPS, AP Business Writers
Bitcoin has reached yet another all-time high, surpassing $118,000 for the first time on Friday — as a flood of money continues to move into spot bitcoin ETFs, all while U.S. President Donald Trump’s crypto-friendly influence makes its way through Washington.
According to data from CoinMarketCap, the going price for bitcoin climbed as high as $118,856 early Friday. It’s since fallen closer to $117,300 around 12:30 p.m. ET — but that’s still over $7,400 higher than what the world’s most popular cryptocurrency was trading at a month ago, and more than double its price this time last year.
Spot bitcoin ETFs opened up cryptocurrency investing more widely after launching last year — and analysts have pointed to record inflows recently. And a soft U.S. dollar and the digital currency friendliness of Trump’s administration also has helped to lift the price of bitcoin to unprecedented levels over the past few months.