Bitcoin price passes $30,000 for the first time

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Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time, according to data compiled by the Bloomberg news agency.

The first decentralized cryptocurrency passed $30,823.30 at 1313 GMT, after breaking $20,000 on December 16.

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Cryptocurrencies emerged over a decade ago but quickly became associated with crime, trading glitches, hacks and wild price swings. It is only in the past few years that they have started attracting more mainstream interest.

Bitcoin remains less regulated than most traditional assets, but institutional investors have begun to shed skepticism towards cryptocurrencies as better market infrastructure make crypto markets more accessible.

The 2020 rally has also been driven by increasing expectations it will become a mainstream payment method, with PayPal opening its network to cryptocurrencies.

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(With Reuters)

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