Bitcoin Price Rises. These 2 Things Are Driving Crypto Higher. — Barrons.com

By George Glover

The price of Bitcoin was rising on Wednesday as the truce in the Middle East, as well as dollar debasement, continued to lift cryptocurrencies.

The world's largest token was up 2.7% to $107,920 over the past 24 hours, according to data from CoinDesk. It's now trading about 4% off the record high it hit last month.

The cease-fire between Iran and Israel has put investors back in a risk-on mood, with stocks close to record highs. That's good news for Bitcoin — but the crypto was also getting a boost from the dollar's slump.

The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, dropped Tuesday and is now trading close to its one-year low, having plunged amid worries that tariffs and President Donald Trump's flagship tax bill will hurt the U.S. economy. Any flows out of the dollar tend to benefit Bitcoin, which crypto bulls see as a hedge as well as an alternative form of payment.

Other cryptos were also climbing Wednesday. Ethereum, Solana, and XRP were all up over the past 24 hours, per data from Kraken.

Some S&P 500 stocks were also getting a boost in early trading. Shares in Bitcoin treasurer MicroStrategy climbed 1.8%, and crypto exchange Coinbase Global added 3.7%.

Write to George Glover at george.glover@dowjones.com

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