The price of bitcoin jumped to a record high on Wednesday, boosted amid a broad equity selloff and a move to safe haven assets. The price of one bitcoin climbed 6%, according to pricing website CoinDesk, reaching an all-time high of $1,821.21. Thus far in 2017, the popular digital currency is up more than 88%, a rally that has taken its market value to nearly $30 billion. Wednesday's move came as stock markets around the world tumbled on rising political uncertainty out of the U.S. The CBOE Volatility index surged more than 26%. While bitcoin itself is notoriously volatile, many market participants use it as a tool for diversification, as it has low correlation to other assets classes.
Copyright © 2017 MarketWatch, Inc.