Bitcoin climbed above US$110,000 on Thursday, its highest level since the current bull run began and leaving the world’s largest digital asset within about 2% of its record peak. Exchange data placed the intraday price around US$110,100 after a morning surge that caught options and futures markets off guard. The rally translated into fresh all-time highs for the cryptocurrency in several inflation-hit economies. In Turkey and Argentina, Bitcoin set new records against the lira and peso respectively, highlighting both local currency weakness and growing demand for the token as a store of value. Analysts quoted by financial daily Ámbito linked the move to a broader shift toward risk assets after Washington announced trade pacts with Vietnam and signalled limited relief in semiconductor export curbs on China. Progress on former President Donald Trump’s tax-reform bill and a fresh peak in the S&P 500 also buoyed sentiment. Research house 10x Research added that steady inflows into spot-Bitcoin exchange-traded funds and shrinking balances on trading venues continue to underpin the advance, with technical traders now eyeing the US$111,900 global record as the next hurdle.