Bitcoin surges past £8,400 as investors look for 'safe haven'

Telegraph 28 Jul 2020 03:45

The price of digital currency Bitcoin has surged, pushing past $11,000 (£8,419), as it continues its recovery from a coronavirus-induced slump.

Meanwhile, precious metal gold also reached a new record high on Monday, standing at $1,945.16 a troy ounce, up from its $1,921 record set in September 2011, as investors look to hedge against the pandemic and rising tensions between China and the US.

Bitcoin, itself sometimes called digital gold, has continually risen since hitting a low of $4,944 on March 16. However, its pace of growth has accelerated over the past week, rising by more than $1,000 over the weekend. It stands at $11,184 at the time of writing, according to data from cryptocurrency news site Coindesk.

The currency was also hit with a pricing blow from its third so-called halving on May 11, which cut the rewards given to those who “mine” Bitcoin. Mining bitcoin sees computers performing complex calculations in order to process transactions.

Bitcoin's price has remained steady, for months but it moved above the $10,000 mark on Sunday for the first time since June. It still remains some way off its December 2017 high of $19,166.

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