Bitcoin’s market valuation crosses $1 trillion again amid risk rally

Bitcoin advanced for a fourth day, pushing the digital asset’s market value back above $1 trillion, amid surging optimism in financial markets.

The world’s largest digital asset rose as much as 5.2 per cent before trading around $57,000 as of 12:23 p.m. in New York. It passed $1 trillion for the first time in February on its way to a record high of $58,350.

The gain comes even as a key measure of U.S. consumer prices rose less than expected in February, suggesting broader inflationary pressures remain tame. Bitcoin proponents have championed the digital asset as a hedge against a future surge in inflation.