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The world’s largest digital asset rose as much as 5.2 per cent

The world’s largest digital asset rose as much as 5.2 per cent before trading around $57,000 as of 12:23 p.m. in New York. It passed $1 trillion for the first time in February on its way to a record high of $58,350.The gain comes even as a key measure of U.S. consumer prices rose less than expected in February, suggesting broader inflationary pressures remain tame.

The argument has been made that assigning a market capitalization isn’t an accurate representation since Bitcoin isn’t a company or even an asset.

Bitcoin advocates argue that the digital asset is a store of value that can be used as a hedge against inflation and a weaker dollar as fiscal and monetary support flooded financial markets with liquidity over the past year.

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