Bitcoin, the world’s largest cryptocurrency by market value, set another all-time high as it hit a record high on Sunday and was up nearly 2.7 per cent at USD 125,245.57.

The development comes as a broader risk rally around the US government shutdown buoyed the world’s largest cryptocurrency.

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Bitcoin’s previous record was USD 124,480 in mid-August, buoyed by friendlier regulations from the US President Donald Trump’s administration and strong demand from institutional investors.

The token climbed to as high as USD 125,689 on Sunday in Asia, supported by the uptick in US equities and renewed inflows into Bitcoin-linked exchange-traded funds.

Investors have speculated that the shutdown, which kicked in on Wednesday, will drive investors to safe-haven assets in what market

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