SINGAPORE: On Friday, as the US dollar fell broadly and markets found reasons to be upbeat at the end of a gloomy week, bitcoin stormed beyond the $20,000 mark and was looking at its greatest day in six weeks.
By market value, Bitcoin, the most valuable cryptocurrency, increased by more than 7% to $20,796. This is a two-week high. The second-largest cryptocurrency, ether, increased 5% to reach a two-week high of $1,717. On Wednesday, bitcoin had dropped as low as $18,540.
Market participants claimed that there was no specific catalyst for the gains other than the general optimism that was evident on Friday across all asset classes, driven by a decline in the safe-haven dollar and a rise in Chinese stocks.
