SHANGHAI: Bitcoin traded above $35,000 for the first time in Asia on Wednesday, rising to a high of $35,879 and extending a rally that has seen the digital currency rise more than 800% since mid-March.
The world’s most popular cryptocurrency crossed $20,000 for the first time ever on December 16.
The best-known cryptocurrency has had an epic year. It crashed over 50% from its February 2020 highs as Covid-19 lockdown fear tanked all but the safest assets. Yet following a trajectory echoing that of electric-vehicle powerhouse Tesla and at-home exercise firm Peloton Interactive, bitcoin’s value skyrocketed around 300% for the year.
Over $3 billion flowed into Grayscale Bitcoin Trust, an investment vehicle that tracks the cryptocurrency, as gold exchange-traded funds reported $7 billion of outflows since mid-October, according to JPMorgan.