Cryptocurrencies saw an increase on Monday as financial concerns grew in some of the world’s largest economies, enhancing the appeal of alternative assets like precious metals and digital currencies.
Bitcoin reached $123,795, up 0.95%, at 9:02 AM Mecca time, according to “Coinbase” data, after surpassing $125,000 over the past weekend, marking its highest level ever.
Ethereum also rose by 0.91% to $4,541.01, while Ripple increased by 0.24% to $2.9795, and Dogecoin climbed by 0.67% to reach 25.43 cents.
This comes as the yen weakens with “Sanai Takahashi,” a supporter of the economic stimulus plan, approaching the position of Japan’s next Prime Minister, alongside pressures in the U.S. due to the ongoing government shutdown and renewed political uncertainty in France.
Chris Weston, head of research at “Pepperstone Group,” noted that the political situations in these countries provide a reason to buy gold and Bitcoin as a hedge against devaluation, as reported by “Bloomberg.”
