Muristek
Bitcoin today held ground just below its highest this year, touched a day earlier, with gains for the original cryptocurrency topping 27 per cent since Russia’s invasion of Ukraine. ― Reuters p
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LONDON, March 29 — Bitcoin today held ground just below its highest this year, touched a day earlier, with gains for the original cryptocurrency topping 27 per cent since Russia’s invasion of Ukraine.
Bitcoin hit US$48,234 (RM203,547) yesterday evening, its highest since December 31. It was last trading up 0.9 per cent at US$47,553.
Its gains lifted smaller cryptocurrencies that tend to move in tandem with bitcoin. Ether, the second biggest token, hit US$3,436 yesterday, its highest since early January.
Market players cited emerging signs of a new wave of adoption of crypto by institutional investors and financial firms, whose interest over the past two years has fuelled crypto’s journey to mainstream asset from niche technology.
Bitcoin has risen over 12 per cent in the last week alone.
Among supportive comments cited were those by BlackRock Inc’s chief executive, who said last week that the Russia-Ukraine war could end up accelerating digital currencies as a tool to settle international transactions. Read full story
Such moves signal “growing conviction that the crypto markets are worth dedicating more resources to,” said Noelle Acheson, head of market insights at US crypto firm Genesis.
Though bitcoin and other cryptocurrencies are now spoken of in the same breath as traditional assets from stocks and foreign exchange to bonds, it remains as volatile as ever.
Bitcoin hit an all-time high of US$69,000 in November, before tumbling almost 30 per cent in just 24 days. — Reuters