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Bitcoin heads for US$29,000 in biggest monthly gain since 2019
Eric Lam, Bloomberg News VIDEO SIGN OUT
Bitcoin it homing in on US$29,000 as the worldâs largest cryptocurrency pushes its mindnumbing rally in 2020 past 300 per cent.
The digital asset surged above US$29,700 as of 3 p.m. Wednesday to a record. In December alone, Bitcoin has surged almost 50 per cent, putting it on track for its biggest monthly gain since 2019.
Bitcoin has now quadrupled in value this year amid the global coronavirus pandemic, while the wider Bloomberg Galaxy Crypto Index tracking the largest digital currencies is up about 270 per cent as rival coins such as Ether have also rallied.
Synopsis
The digital asset surged above $28,000 Wednesday to a record high, adding to its 47 per cent rally so far in December.
Agencies
The latest price surge continues to divide opinion between those who view cryptocurrencies as a hedge against dollar weakness and inflation risk, and others who question Bitcoin’s validity as an asset class given its speculative nature and boom-and-bust cycles.
By Eric Lam
Bitcoin, the world’s largest cryptocurrency, is on track to close out a banner year with another bang.
The digital asset surged above $28,000 Wednesday to a record high, adding to its 47 per cent rally so far in December, according to data compiled by Bloomberg. Bitcoin rose as much as 6.2 per cent to $28,572.10 in Asia trading and is on track for its biggest monthly gain since May 2019.
Crypto-linked stocks extend a rally that has produced 400% gains
Marathon is up 444% over 2 months, Riot Blockchain up 383%. Bitcoin headed for its biggest monthly gain since 2019.
Compártelo:
Cryptocurrency-linked stocks rose Wednesday as
Bitcoin headed for its biggest monthly gain since 2019, extending a rally that’s seen some companies’ shares more than quintuple since the end of October.
Marathon Patent Group Inc., which has soared 444% over the past two months, added another 7.6% in premarket trading. Riot Blockchain Inc. rose 4.2% Wednesday after gaining 383% since Oct. 30. And Bit Digital Inc., which surged 81% on Monday alone, jumped another 15% premarket.
The price of Bitcoin briefly rose above $28,000 Wednesday to a record high, bringing its December gain to more than 40%. Other cryptocurrencies have also surged, with the
Cryptocurrency-linked stocks rose Wednesday as Bitcoin headed for its biggest monthly gain since 2019, extending a rally that’s seen some companies’ shares more than quintuple since the end of October.
Marathon Patent Group Inc., which has soared 444% over the past two months, added another 4.4% Wednesday. Riot Blockchain Inc. rose as much as 7.1% Wednesday after gaining 383% since Oct. 30. And Bit Digital Inc., which surged 81% on Monday alone, jumped another 31%.
Canadian-listed Hive Blockchain Technologies gained as much as 6% early Wednesday, with shares nearly doubling since the start of December. Also, Mike Novogratz’s Galaxy Digital Holdings rose another 3.4%, pushing the shares more than 60% higher since the start of the month.