© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph
LONDON (Reuters) – smashed through $20,000 for the first time on Wednesday, its highest ever.
The cryptocurrency jumped 4.5% to move as high as $20,440. It has gained more than 170% this year, buoyed by demand from larger investors attracted to its potential for quick gains, purported resistance to inflation and expectations it will become a mainstream payment method.
Bitcoin’s blistering rally has seen a massive flow of coin to North America from East Asia, fuelled by hunger for bitcoin among bigger and compliance-wary U.S. investors.
The rally in bitcoin, which some investors have seen as a potential safe-haven, has coincided with ‘s drop in recent months.
Some investors such as hedge funds and family offices have in the past been deterred by the opaque nature of the crypto market. Tightening oversight of the American crypto industry has helped soothe some of those concerns.
(Graphic: Bitcoin 20,000, https://fingfx.thomsonreuters.com/gfx/buzz/ygdvzjkrdvw/Pasted%20image%201608126803732.png)
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.