European and Asian stock markets diverged Thursday and bitcoin hit a record high on the eve of landmark talks between US President Donald Trump and Russian counterpart Vladimir Putin on potentially ending the Ukraine war.

Most European equity indices climbed after major Asian peers ended lower.

Bitcoin hit a new peak at $124,514.59 in Asian trading, before cooling to around $121,500.

The world’s biggest cryptocurrency is benefitting from expectations that the Federal Reserve will cut US interest rates before 2026, which is weighing on the dollar.

Bitcoin is also winning investor support thanks to strong backing for the cryptocurrency sector from Trump.

“An accommodative stance from the Trump administration combined with expectations of a September Fed rate cut have helped to propel ga

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