Bitcoin hit another record high and is flirting with $69,000 for the first time after inflation data bolstered the argument that the cryptocurrency is a hedge against rising cost pressures.The largest digital asset by market value rose as much as 1.9% to $68,991 on Wednesday, topping the previous high set late Monday in New York trading. Other coins also rose, with the Bloomberg Galaxy Crypto Index – which tracks major cryptos – gaining as much as 2.4% to its highest level since May.The rise in the token can, at least partly, be explained through the fundamental argument – which has gained traction in recent months – that Bitcoin can act as an inflation hedge. Crypto backers argue that, unlike dollars or any other traditional currency, the digital coin is designed to have a limited supply, so it can’t be devalued by a government or a central bank distributing too much of it.
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