Bitcoin is pushing above $124,000 after touching the mid-$120,000’s in the last 24 hours.

Bitcoin hit record highs above $126,000 earlier this week, but it seems investors took some profits and a strengthening U.S. dollar challenged the so-called “debasement-trade” flows. At the time of writing, bitcoin is trading at $123,962.

Many investors have started to use bitcoin as a hedge against a potential devaluation of the dollar, known in trading circles as “debasement trades.”

The surge earlier in the week was fueled by heavy inflows into Bitcoin exchange-traded funds (ETF) and speculative bets on fiat currency weakness amid a prolonged U.S. government…

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