Bitcoin has climbed to its highest in almost a month, as the cryptocurrency benefited from investors selling stocks and bonds.
The cryptocurrency hit $88,516.25 on Tuesday morning, up from around $87,000 a day earlier.
After dropping to $75,000 in early April, the rally lifted bitcoin back to levels seen in late March.
Gold prices were also climbing this week, with gold surging to a new record high of $3,500.
The rise in gold and bitcoin "is one side of the coin, the other side is the decline in the dollar", said market analyst Kathleen Brooks at XTB.
The dollar index has fallen to its lowest level since 2021, she noted, with the dollar the weakest currency in the G10 forex space so far this year, losing 16% versus the Swedish krona, 12% against the Swiss franc, 11% versus the euro and the yen, and down more than 6% against the pound.
"The dollar is an unloved currency, and the recent rush into gold is a sign that there could be more weakness to come.
"The push higher in bitcoin, which is higher by another $1,100 on Tuesday, could also be a sign of investor flight out of the dollar."
Bernstein managing director Gautam Chhugani noted Bitcoin's "striking" outperformance to Nasdaq "all through the US tariffs crisis", with the crypto down 10% so far this year compared to around 16% for the Nasdaq.
"We expect Bitcoin and broader global blockchain assets to play a defining role, amidst the deglobalization trends," Chhugani said.