May 21 (UPI) -- Bitcoin initially rose to $109,857 in value during trading Wednesday morning as trade war tensions eased between the United States and China and a recent U.S. credit downgrade.
"Bitcoin's new high has been concocted by an array of favorable ingredients in the macro cauldron," Nexo crypto exchange co-founder Antoni Trenchev told CNBC.
"Softer U.S. inflation numbers, a de-escalation in the U.S.-China trade war and the Moody's downgrade of U.S. sovereign debt ... has put the spotlight on alternative stores of value like Bitcoin," Trenchev said.
Bitcoin eased in value during afternoon trading at $106,678.74 after reaching its new all-time high during morning trading.
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