Bitcoin's price growth slowed down after failed attempt to update historic high — Bloomberg

According to Bloomberg data, Bitcoin retreated from its daily highs after failing to surpass the record level set just over two weeks ago.

Agency data shows the cryptocurrency's growth of approximately 16% since the beginning of the year. This happened partly due to the friendly attitude of US President Donald Trump's administration toward the crypto industry. Moreover, expectations of resolving trade disputes between the US and China and other countries are strengthening investor interest in risky assets.

According to Eric Jackson, president of Emj Capital Ltd., institutional buyers’ confidence in the asset is growing, and its potential is becoming more significant in their eyes.

In recent months, the crypto market has attracted strong demand from traditional banks. Crypto enthusiasts are rushing to replicate the success of Michael Saylor, whose company previously assembled a Bitcoin-portfolio worth over $60 billion.

Bitcoin reached $110,528 on Tuesday, jumping 1.7%, but then the growth slowed down. Its historical high was set at just under $111,980 and was recorded on May 22.