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Oct 27, 2020

Bitcoin approaches highest level since post-bubble crash in 2018

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Bitcoin is approaching levels not seen since just after the burst of the cryptocurrency market bubble almost three years ago.

The biggest digital token by market value rose as much as 4.3 per cent to US$13,582 on Tuesday, just below the high of US$13,851 set on June 26, 2019. If it surpasses that level, it would be highest since Bitcoin traded at US$16,932 in January 2018, or just weeks after the token reached an all-time level of around US$20,000. It dipped to US$3,136 in December 2018.

Crypto fans have cheered a number of recent developments, from PayPal Holdings Inc. allowing customers to use digital coins to Fidelity Investments launching a Bitcoin fund and Square Inc. joining MicroStrategy Inc. in saying they invested in the coin.

“It seems that there is more excitement and that crypto will be used more often,” said Edward Moya, a senior market analyst at Oanda Corp. “The world seems poised for a digital currency.”

In addition, central banks around the world have shown greater interest in creating digital money. Earlier this month, for instance, the European Central Bank said it will start experimenting with a digital version of the euro while holding a public consultation. The step was seen by many as major progress toward introducing the technology.

Bitcoin has surged almost 30 per cent this month and more than 85 per cent this year. The Bloomberg Galaxy Crypto Index, which tracks a handful of the largest cryptocurrencies, has gained about 20 per cent in October.