Bitcoin steams to new record, hits $1 trillion market cap

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Bitcoin hits record high of $54,000 on Friday, reaching a market capitalization of $1T.

Still, many analysts and investors remain skeptical of the patchily regulated and highly volatile digital asset, which is still little used for commerce.

"Crypto assets continue to rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits at prices so far above production costs, while correlations with cyclical assets are rising as crypto ownership is mainstreamed," JPMorgan said. Other investors this week said bitcoin's volatility presents a hurdle for its ambitions to become a widespread means of payment.

 

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