Tokyo. Bitcoin, the world’s leading cryptocurrency, reached a new record high on Sunday. Its price has reached more than $ 125,000.

The price of bitcoin has climbed to $ 125,689. It broke the previous record of $124,500 set in August.

Analysts have said that the strong rise in the price of bitcoin has been due to the uncertainty and caution among investors about the US government shutdown.

According to Bloomberg News, the recent gains in the US stock market have also fueled Bitcoin’s growth. Investors are now looking for safe assets as negotiations over federal government funds continue, and bitcoin is becoming a major option.

US President Donald Trump and his family are also known to be big supporters of cryptocurrency. They have been involved in various crypto projects which are believed to have helped them grow their wealth.

The Trump administration has reversed a skeptical view of the crypto industry under his Democratic predecessor Joe Biden through support for digital assets. In July this year, the US Congress passed three historic cryptocurrency bills.

Analysts say that these regulatory reforms played an important role in the rise in Bitcoin’s price. Joshua Lim, co-head of marketing at crypto prime brokerage company FalconX, told Bloomberg News, “It’s not surprising that bitcoin is benefiting from the story of the dollar’s weakening at a time when assets like equities, gold, and Pokémon cards have all reached historic highs.” ’