Bitcoin rallies above $30,000 for first time

By Alden Bentley (Reuters) - Digital currency Bitcoin extended its record smashing rally on Saturday, beginning the year with a surge over $30,000 for the first time, with ever more traders and investors betting that it is on its way to becoming a mainstream payment method. The price of the world's most popular cryptocurrency traded as high as $31,824 early Saturday, with almost all other markets closed over the first weekend in 2021. It was last up about 8% at $31,743

Reuters January 03, 2021 00:05:35 IST
Bitcoin rallies above $30,000 for first time

Bitcoin rallies above 30000 for first time

By Alden Bentley

(Reuters) - Digital currency Bitcoin extended its record smashing rally on Saturday, beginning the year with a surge over $30,000 for the first time, with ever more traders and investors betting that it is on its way to becoming a mainstream payment method.

The price of the world's most popular cryptocurrency traded as high as $31,824 early Saturday, with almost all other markets closed over the first weekend in 2021. It was last up about 8% at $31,743.

Bitcoin advanced more than 300% in 2020, and with the latest leg higher has added more than 50% since crossing $20,000 just two weeks ago.

The blockchain currency has only been around for a decade or so, and in 2020 it has seen demand grow from larger U.S. investors, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method.

Investors said limited supply of bitcoin - produced by so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles - has helped power upward moves over recent days.

Some also saw it as a safe-haven play during the COVID-19 pandemic, akin to gold.

It trades on numerous exchanges, the largest of which is Coinbase, which is itself preparing to go public and become the first such platform to list on Wall Street.

Multiple competitor cryptocurrencies that use similar blockchain, or electronic ledger, technology. Ethereum, the second biggest, gained 465% in 2020 and was up 5.3% on Saturday.

(Reporting by Alden Bentley; Editing by Daniel Wallis and Diane Craft)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Republicans face growing corporate backlash after Capitol assault
World

Republicans face growing corporate backlash after Capitol assault

By Andy Sullivan and David Shepardson WASHINGTON (Reuters) - Republicans in the U.S. Congress faced growing blowback on Monday from businesses that said they would cut off campaign contributions to those who voted last week to challenge President-elect Joe Biden's victory. The announcements by Dow Inc., AT&T Inc.

Guardians of Congo's gorillas unbowed as ambushed colleague is buried
World

Guardians of Congo's gorillas unbowed as ambushed colleague is buried

By Djaffar Al Katanty GOMA, Congo (Reuters) - A line of Congolese park rangers raised their guns in salute on Monday as the coffin bearing their colleague Burhani Abdou Surumwe, a 30-year-old father of four, was buried in the black volcanic soil of a Muslim cemetery outside Goma.

COVID-19 fuelling education's tech disruption, deepening digital divide
World

COVID-19 fuelling education's tech disruption, deepening digital divide

TORONTO/NEW YORK (Reuters) - The COVID-19 pandemic deepened inequities in accessing and benefiting from education but the future of learning could be a more equal one, participants told Reuters Next panels on Monday.