Bitcoin broke through $18,000 on Wednesday to hit its highest since December 2017 extending its blistering 2020 rally driven by demand for its perceived quality as an inflation hedge and expectations of mainstream acceptance.
For all the latest headlines follow our Google News channel online or via the app
The original and biggest cryptocurrency jumped as high as $18,483 and was last up 2 percent. It has soared about 160 percent this year and has jumped 17 percent in the last three days alone.
Bitcoin is now close to its all-time high of just under $20,000, which it touched at the peak of its retail investor-fueled 2017 bubble.
“It is not out of the question for the crypto to hit its all-time high of $20,000 this side of Christmas,” said Simon Peters, analyst at investment platform eToro.
“The crypto industry has consolidated, matured and is seeing real traction with institutional investors. Investors are using bitcoin as an inflationary hedge to combat the prospect of continued government stimulus.”
The asset’s 12-year history has been peppered with vertiginous price rises and equally sharp crashes.
French prosecutors seek 10-year jail for Russian in alleged bitcoin fraudFrench prosecutors requested on Friday a 10-year jail term and a fine of 750,000 euros ($888,634) against Alexander Vinnik, who is accused of being ... Technology
Cryptocurrency bitcoin rises above $10,000 for first time since early JuneAfter several weeks of trading in narrow ranges, bitcoin breached $10,000 on Sunday for the first time since early June. In addition to ... Technology
Bitcoin plummets to a six-month low on China crackdownBitcoin slumped to a six-month low on Friday after China’s central bank launched a fresh crackdown on cryptocurrencies, warning of the risks ... Technology
Bitcoin craze hits Iran as US sanctions squeeze weak economyIranians feeling the squeeze from US sanctions targeting the Islamic Republic's ailing economy are increasingly turning to digital currencies such as ... Economy
Trump blasts Bitcoin, Facebook’s Libra, demands they face banking rulesUS President Donald Trump on Thursday criticized Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that ... Technology
Bitcoin’s losses grow, recoils 30 percent from 2019 highsBitcoin skidded as much as nine percent on Tuesday, falling below the $10,000 mark and pushing losses to over 30 percent since the original ... Technology
Hackers steal $41 mln worth of bitcoin from cryptocurrency exchangeHackers stole bitcoin worth $41 million from Binance, one of the world's largest cryptocurrency exchanges, the company said on Wednesday, the latest ... Economy