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Bitcoin hits record high after steep fall last week

Bitcoin jumped past US$19,000 on Monday, moving closer to its all-time record after a sharp tumble last week checked its 2020 rally.

FILE PHOTO: Illumination of the stock graph is seen on the representations of virtual currency Bitc
FILE PHOTO: Illumination of the stock graph is seen on the representations of virtual currency Bitcoin in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
(Updated: )

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LONDON/NEW YORK: Bitcoin jumped to an all-time high on Monday after a sharp tumble last week checked its 2020 rally.

The virtual currency touched a lifetime peak of US$19,808 and was last up 8.6per cent at US$19,721.

Bitcoin has gained more than 170per cent this year, fuelled by a demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

(Reporting by Tom Wilson in London and Gertrude Chavez-Dreyfuss in New York; Editing by Thyagaraju Adinarayan)

Source: Reuters