Bitcoin gains the most in a month as dollar drop boosts crypto

BITCOIN rose the most in more than a month, gaining along with Asian stocks and pushing past the psychologically important $20,000 level as a bout of dollar weakness drove demand for risk assets.

The world’s largest cryptocurrency advanced 6% to $20,520 at 1:22 p.m. in Singapore, the highest since Aug. 26 and outperforming most of the other top tokens like Ether. Asian stocks were also in the green as risk appetite returned, with the Hang Seng Index up about 2.5%.

The Bloomberg Dollar Spot Index tumbled 0.7% in Asia trading after surging to the highest on record this week. Every Group-of-10 currency strengthened against the greenback, with the risk-sensitive Australian dollar and Norwegian krone leading gains.

Bitcoin has been stuck in the tightest trading range in almost two years in September, in part reflecting uncertainty about how far central banks will go in raising interest rates in the face of a slowing global economy.  –BLOOMBERG