Business

Bitcoin trades near Sunday record of US$34,800 following 800per cent surge

Bitcoin traded at US$33,176 in Asia on Monday, after soaring to a record high of US$34,800 on Sunday as investors continue to bet the digital currency is on its way to becoming a mainstream payment method.

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph
FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

Bookmark

TOKYO: Bitcoin traded at US$33,176 in Asia on Monday, after soaring to a record high of US$34,800 on Sunday as investors continue to bet the digital currency is on its way to becoming a mainstream payment method.

The latest milestone for the world's most popular cryptocurrency came less than three weeks after it crossed US$20,000 for the first time, on Dec. 16, and bitcoin has now surged some 800per cent since mid-March.

Investors have said limited supply of bitcoin has helped power upward moves over recent days, with some also seeing it as a safe-haven play during the COVID-19 pandemic, akin to gold.

Bitcoin's potential for quick gains has also attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.

The digital currency trades on numerous exchanges, the largest of which is Coinbase, itself preparing to go public to become the first major U.S. cryptocurrency exchange to list on Wall Street.

(Reporting by Kevin Buckland; Editing by Jacqueline Wong and Kenneth Maxwell)

Source: Reuters