Price move gives renewed hope that the digital token can achieve a kind of escape velocity against almost any economic backdrop.

Bitcoin is up 3.6% over the last 24 hours to last trade at $111,362, according to CoinDesk data. The world’s largest cryptocurrency hit $111,875 overnight and, while paring some

The crypto asset reached $111,886.41 at around 4am on Thursday morning, before levelling out at around $110,726.40 by mid-morning.