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The world’s largest cryptocurrency was up 3.5 percent to reach an all-time high as investors turn to the asset in the face of economic uncertainty linked to the coronavirus pandemic.
Monday’s dip was attributed to highly-leveraged trading, Richard Galvin of crypto fund Digital Asset Capital Management told Reuters.
Bitcoin’s record high comes less than three weeks after it crossed $20,000 for the first time, on December 16. The world’s biggest cryptocurrency more than quadrupled in price last year after an early fall of 25 percent in March.
Considered a strong long-term asset by some, critics point to Bitcoin’s volatility which often sees wild swings in value.
Finance leaders and central bankers from G7 countries discussed the ever-growing cryptocurrency market in December, with the German finance minister stressing the need for governments to maintain a monopoly on currencies.