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Bitcoin jumps to $28,600 amid COVID-19 second wave

By News Desk

The world’s most popular cryptocurrency, Bitcoin, has jumped to over $28, 000, following heightened interest from bigger investors particularly in the United States (US).

Bitcoin has continued to increase daily after the digital currency almost quadrupled in value earlier in the year following the outbreak of coronavirus pandemic that crippled commercial activities globally.

On Wednesday, a check by The Guild revealed that the worth of a bitcoin increased to an all-time high of $28, 599.99, barely two weeks after it the price crossed the $20, 000 mark.

It would be recalled that the world’s most popular cryptocurrency was last up by 2.3 percent at $28,012, surging by nearly half since breaking $20,000 for the first time on Dec. 16, 2020.

Bitcoin has increasingly seen demand from larger U.S. investors, in particular, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method.

Investors said the limited supply of bitcoin – produced by so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles – has helped power upward moves over recent days.

The Guild gathered that many, who recently joined the trade, were holding onto their entrance positions to prevent recording losses in the trade.

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