Categories: World

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

Dayang Norazhar

Recent Posts

Apple’s scrapped car project means AI and headset bets are more urgent

In abandoning plans for a self-driving car, Apple Inc. is giving up on billions in…

8 mins ago

Last year was safest ever to fly, with no jetliner fatalities

Last year was the safest ever for commercial flying by a number of measures, the…

19 mins ago

Sanan IC premieres at MWC Barcelona to promote full turn-key RF front-end wafer foundry solution

BARCELONA, Spain, Feb. 28, 2024 /PRNewswire/ -- On February 26, 2024, at the Mobile World…

31 mins ago

Euromax Enters into Agreements to Extend Maturity Dates of Previously Issued Convertible Debentures

TSXV: EOXwww.euromaxresources.com VANCOUVER, BC, Feb. 28, 2024 /CNW/ - Euromax Resources Ltd. (TSXV: EOX): ("Euromax" or…

34 mins ago

Koppers Signs Agreement to Acquire Brown Wood Preserving

Represents Growth, Market Expansion and Scale in Utility Pole Business PITTSBURGH, Feb. 28, 2024 /PRNewswire/…

34 mins ago

Koppers Reports Fourth Quarter and Full-Year 2023 Results; Provides 2024 Outlook

Record Fourth-Quarter Sales of $513.2 Million vs. $482.6 Million in Prior Year Quarter Record Year…

34 mins ago