Bitcoin hits all-time high as exchange-traded funds see inflow

A screen displays Bitcoin trading data at a lounge in Seoul on Oct. 2. [YONHAP]

 
Bitcoin hit a new all-time high on Sunday.
 
The cryptocurrency climbed as high as $125,689 during Asian trading on Saturday, according to Bloomberg, surpassing its previous record of $124,514 set on Aug. 14.
 
Bitcoin has risen more than 30 percent so far this year.
 
It traded below the $110,000 mark on Sept. 28 before entering a rapid rally that extended its upward trend.
 
Bloomberg attributed the surge to the strong performance of the U.S. stock market and increased inflows into Bitcoin-linked exchange-traded funds.
 
Investors also expect the ongoing partial shutdown of the U.S. federal government to increase demand for safe-haven assets.
 
Bloomberg noted that investor sentiment has been further buoyed by the so-called Uptober effect — a pattern in which Bitcoin has historically recorded strong gains every October.

BY WOO JI-WON [[email protected]]