Bitcoin climbs to highest since September as 2020 rally grows

Bitcoin jumped on Tuesday to its highest in nearly five months, extending a rally that has seen the price of the cryptocurrency gain by almost half this year.

Representations of virtual currency Bitcoin and U.S. dollar banknotes are seen in this picture illustration taken January 27, 2020. REUTERS/Dado Ruvic/IllustrationLONDON: Bitcoin jumped on Tuesday to its highest in nearly five months, extending a rally that has seen the price of the cryptocurrency gain by almost half this year.

The original and biggest cryptocurrency was last up 4.6per cent at US$10,300, its highest since Sept. 19.It was not immediately clear what sparked the jump. Crypto traders pointed to continuing momentum for bitcoin that began in January, when the United States killed the top commander of Iran's elite Quds Force of the Revolutionary Guards, triggering a sell-off in traditional markets.

Investors also attribute a 50per cent cut in the production of bitcoin due in May as a driver for demand. The rule, written into the cryptocurrency's underlying code, slashes the number of new coins awarded to miners behind global supply of the cryptocurrency.

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