The world’s most popular cryptocurrency was last up 3.2 per cent at US$18,958. Bitcoin has gained nearly 40 per cent in November alone and is up around 160 per cent this year. — Reuters pic
Fuelling its blistering rally had been demand for riskier assets amid unprecedented fiscal and monetary stimulus designed to counter the economic damage of the Covid-19 pandemic, hunger for assets perceived as resistant to inflation and expectations that cryptocurrencies will win mainstream acceptance.
“The latest run in bitcoin... has been fuelled by the lack of supply-side liquidity, especially on exchanges,” said Jacob Skaaning of crypto hedge fund ARK36, adding that the volume of bitcoin on trading platforms was down amid high demand.
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