Bitcoin hits $40,000 for first time, but pullback likely imminent

Bitcoin topped $40,000 for the first time on Thursday, as it continues a rally that has seen the digital currency climb more than 700% from a March 12 closing low.

Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates.

The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on Jan. 2 and $20,000 on Dec. 16.