Bitcoin hits record high of US$60,000

Bengaluru

BITCOIN, the world's biggest cryptocurrency, on Saturday crossed a record high of US$60,000.

Bitcoin has risen sharply this year, broadly outperforming conventional asset classes, partly due to broader acceptance as a form of payment.

In recent weeks, companies have taken advantage of its strength to raise hundreds of millions of dollars in funding, capitalising on improved market sentiment.

A US$1.5 billion Bitcoin bet last month by Tesla saw Elon Musk's company join business software firm MicroStrategy and Twitter boss Jack Dorsey's payments company Square in swapping some traditional cash reserves for the digital coin.

Amid rising customer demand to own and invest in cryptocurrency, Goldman Sachs said it is exploring how to serve those clients while remaining on the right side of regulation. It recently restarted a cryptocurrency trading desk and this month it started dealing Bitcoin futures and non-deliverable forwards. REUTERS

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