Bitcoin value surpasses $1 trillion for the second time

The digital currency is up over 80 per cent this year and 570 per cent higher over the last 12 months

Bitcoin’s value surpassed $1 trillion (£720bn, €841bn) as the price of the cryptocurrency rose.

Bitcoin extended gains reaching a 24-hour high of $54,348.57 in early afternoon Singapore time, around seven per cent higher than the same time a day before. Bitcoin has since pared some of those gains. It now stands at $53,604.50.

It is only the second time that Bitcoin’s value has surpassed the $1tr mark after hitting that milestone for the first time on February 19.

Even though Bitcoin is not at its all-time-high of $58,332.36, it has seen a huge rally. The digital currency is up over 80 per cent this year and 570 per cent higher over the last 12 months.

Bitcoin’s rally comes as major corporations such as Tesla, Square and Microstrategy have recently invested billions in the crypto and institutional investors vouch more for cryptocurrencies.

Chinese beauty-focussed appmaker Meitu is the latest to invest in crypto, having purchased not only Bitcoin but another cryptocurrency called Ether too. 

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Ether, a cryptocurrency which runs on the Ethereum network, was trading at $1,836.73 at around 10:41am Singapore time, up nearly seven per cent from a day before

Companies are also making acquisitions in the cryptocurrency space; PayPal said it is buying cryptocurrency security firm Curv.

Supporters of Bitcoin often liken it to “digital gold,” and a potential “safe-haven” asset. Some argue that loose monetary policy such as low interest rates and asset purchases by global central banks takes away the value of fiat currencies like the US dollar and Bitcoin provides a better alternative to invest in.

FURTHER READING: Chinese app Meitu invests $40m in cryptocurrency

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