Why is bitcoin on the rise?

The rise is part of a broad cryptocurrency boom inspired by the continued rise in bitcoin's price. Last month, bitcoin rose above $20,000, smashing its previous all-time record of around $19,500. Since then, it has continued to rise, breaking above $30,000 in recent days.

What cryptocurrencies have soared to record highs?

Other cryptocurrencies have also risen to record highs, such as ethereum, which soared to $4,837. Bitcoin has always been volatile but remains the world’s largest digital currency, with a market value of more than $1.1tn. Five years ago, a single bitcoin was worth about $700.

What happened to the price of bitcoin?

The price of bitcoin jumped 5% minutes after the latest monthly inflation report. Bitcoin, the world's largest cryptocurrency, hit a new record high of $69,044 shortly after 9:15 a.m. ET on Wednesday, according to CoinGecko, eclipsing a record set early Tuesday; CoinMarketCap and CoinDesk logged record highs of $68,742 and $68,991, respectively.

What's behind the recent cryptocurrency boom?

The rise is part of a broad cryptocurrency boom inspired by the continued rise in bitcoin's price. Last month, bitcoin rose above $20,000, smashing its previous all-time record of around $19,500.