Bitcoin has surged to its highest price in nearly 20 months on optimism the toughest regulatory punishments for the industry have passed and that US regulators will shortly approve stock market cryptocurrency funds.
The cryptocurrency soared to more than $42,000 on Monday, up 8.2 per cent on the previous day, as traders piled into an asset whose value has climbed by more than a fifth in the last month.
Investors are turning to riskier assets as they raise their bets that the US Federal Reserve is preparing to cut interest rates next year, despite the central bank’s insistence that such speculation is premature.
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