Advertisement

Bitcoin price rises to highest level in 4 months. What’s behind the rally?

Click to play video: 'Calgary crypto expert recommends due diligence when entering the market'
Calgary crypto expert recommends due diligence when entering the market
Ryan Clements, the chair of business law and regulation at the University of Calgary, joins Joel Senick to discuss what’s caused recent volatility in crypto currencies and how potential investors should approach entering the market. – Nov 10, 2022

Bitcoin on Tuesday rose to its highest in more than four months, extending a new year rally fuelled by hopes that a potential end to central bank policy tightening will benefit the volatile asset.

The world’s biggest cryptocurrency touched US$21,594, a level not seen since Sept. 13. It was last flat at US$21,174.

Bitcoin has gained almost 30 per cent this year, buoyed in part by optimism that inflation has peaked, potentially reducing the need for tighter central bank policy.

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Bitcoin and other crypto coins soared during the COVID-19 pandemic as central banks and governments unleashed massive fiscal and monetary stimulus packages. However, a tightening of central bank credit hammered prices, triggering a string of
corporate failures.

Story continues below advertisement

(Reporting by Tom Wilson; editing by Alun John and Jason Neely)

Click to play video: 'Crypto exchange Coinbase dismisses 20% of workers in 3rd round of layoffs'
Crypto exchange Coinbase dismisses 20% of workers in 3rd round of layoffs

Sponsored content

AdChoices