According to Investing.com, Bitcoin surpassed the $78,000 mark during the trading session on Wednesday, 9.49 ET (13.49 GMT), following a 3.7% increase from its previous price of $78,712.4.
The world’s largest cryptocurrency has been on a three-day winning streak.
Bitcoin rose by 1.7%, reaching $1,46.25.
Meanwhile, Solana and Cardano experienced a 3.8% and 2.7% growth, respectively. Polygon saw a slight increase of nearly 1%.
Among meme tokens, Dogecoin gained 3%.
Geopolitical Tensions and Corporate Demand
The surge in Bitcoin’s price can be attributed to the ongoing tensions between the United States and Iran, which have led to an extension of the U.S. sanctions against Iran. This geopolitical uncertainty has fueled demand for safe-haven assets like Bitcoin.
Institutional Investment
Additionally, institutional investors have continued to show interest in Bitcoin, with corporate demand playing a significant role in its recent price increase.
MicroStrategy’s Bitcoin Purchase
MicroStrategy, a business intelligence company, recently announced that it had purchased an additional 1,027 Bitcoins, bringing its total Bitcoin holdings to over 124,000 coins.
Tesla’s Bitcoin Holdings
Tesla, the electric vehicle manufacturer, also revealed that it had not sold any of its Bitcoin holdings despite the recent market volatility.
(Ayushman Ojha contributed to this report.)
