Bitcoin approaches record high as risk-on rally accelerates

Bitcoin is picking up momentum once again, approaching a record high set last month, amid a broader risk-on rally in financial markets.

The world’s largest digital asset rose to as high as $57,679, bouncing back from a rout at the end of February that followed the all-time high of $58,350 set on Feb. 21. President Joe Biden on Thursday signed the $1.9 trillion pandemic-relief bill into law, bolstering optimism in financial markets.

“Bitcoin’s resilience is proving to be the stuff of legend,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, a crypto lender. “Every correction is an opportunity to reset and restart the move upwards.”