HONG KONG: Bitcoin vaulted above US$29,000 to reach yet another record level on the last day of 2020, showing no signs of slowing down its torrid December rally.
The largest cryptocurrency climbed to as high as US$29,292 before pulling back slightly to trade at US$28,972 as of 11:30am in Hong Kong yesterday. It has advanced almost 50% in December, on track for its biggest monthly gain since May 2019.
“Key to this rally is that it has been sustained over several weeks, ” said Matt Long, head of distribution and prime products with crypto brokerage OSL in Hong Kong.
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