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Bitcoin hits highest in 13 months as 2020 rally gathers steam

The biggest cryptocurrency gained 4.4 percent to $12,424, its highest since July 2019. Bitcoin has soared over 70 percent this year, making it one of the strongest performing assets.

August 18, 2020 / 08:06 PM IST

Bitcoin jumped to its highest in over a year on August 17, adding to a 2020 rally that has seen it more than treble in price since March.

The biggest cryptocurrency gained 4.4 percent to $12,424, its highest since July 2019. Bitcoin has soared over 70 percent this year, making it one of the strongest performing assets.

Plummeting interest rates and huge bond-buying programmes by central banks across the world have boosted demand for the cryptocurrency, seen by some investors as a hedge against inflation due to its capped supply.

 
Reuters
first published: Aug 17, 2020 09:33 pm
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