News World Bitcoin rallies above $30,000 for first time, turning into mainstream payment

Bitcoin rallies above $30,000 for first time, turning into mainstream payment

 

Digital currency Bitcoin extended its record smashing rally, beginning the year with a surge over $30,000 for the first time, with ever more traders and investors betting that it is on its way to becoming a mainstream payment method.

The price of the world’s most popular cryptocurrency traded as high as $31,824 early Saturday, with almost all other markets closed over the first weekend in 2021. It was last up about 8% at $31,743.

Bitcoin advanced more than 300% in 2020, and with the latest leg higher has added more than 50% since crossing $20,000 just two weeks ago.

The blockchain currency has only been around for a decade or so, and in 2020 it has seen demand grow from larger U.S. investors, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method.

Investors said limited supply of bitcoin – produced by so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles – has helped power upward moves over recent days.

Some also saw it as a safe-haven play during the COVID-19 pandemic, akin to gold.

Top Stories

Access to Troodos controlled by Police

The Police announced that on the basis of the Health Ministry decrees aiming to contain the outbreak of the pandemic, tomorrow Sunday, access to...

129 new cases, four deaths announced on Saturday

The Health Ministry announced the death of four persons due to COVID-19. This raises the death toll from the virus in Cyprus to 183,...

Crowding at Troodos; lots of fines by police

Lots of traffic was today seen at Troodos. In order to maintain order but also to monitor that people respected the measures aiming to...

Where to get antigen rapid tests on Sunday 24 January

The Health Ministry announced the following antigen rapid test sites for Sunday, 24 January 2021:   LIMASSOL Parking place Lidl supermarket, Limassol 08:30-16:30 Glafkos Clerides Park, Germasoyia 08:30-16:30 Municipal...

Larry King dies at 87

Larry King dies at 87. Photo taken at his concert at Hard Rock Live in Hollywood, Florida on January 25, 2012. (Reuters)

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...