Friday, November 27, 2020
Martin Hennecke

Bitcoin surges to three-year high
Bitcoin advocates say this time will be different as the virtual coin surges back to price levels last seen in the wake of the cryptocurrency market collapse almost three years ago. The largest digital coin has jumped more than 25 percent this month and grazed US$13,858 (HK$108,092.4) yesterday, the highest since January 2018. It's been quite a ride since the bubble burst: from an all-time high in December 2017 of nearly US$20,000, Bitcoin tumbled to as low as US$3,136 within a year. Proponents of digital assets say the recent rally isn't another speculative frenzy among individual investors. They point to rising institutional interest, PayPal's decision to allow customers access to cryptocurrencies and the use of JPMorgan's JPM Coin to make a payment for the first time. "This rally seems to be more driven by allocators with larger balances getting involved, rather than a flurry of retail investors," said Nic Carter, co-founder of researcher Coin Metrics. The largest cryptocurrency spiked above US$13,000 last week for the first time in over a year following an announcement from PayPal that customers will be allowed to buy and spend digital currencies on the platform.

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