The last time Bitcoin hit five figures was on February 24, with some investors viewing it as a safe bet against inflation during the current pandemic.
The value of Bitcoin, the world's largest cryptocurrency, reached above $10,000 for the first time since February.
The valuation surge comes just before the Bitcoin halving process, which is due to take place on May 12, whereby the number of Bitcoins that are created is halved as a way to control inflation. The event takes place once every four years. "Money-printing by the Fed and other central banks globally have given a lot of confidence to investors that the economy will be supported no matter what."
Bitcoin has more than doubled in price since mid-March while world economies have been rocked by the coronavirus pandemic, leading to a detrimental impact on economic growth, consumption activity and corporate earnings.It comes as the International Monetary Fund today released its outlook for the world economy.
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