Smaller coins ethereum and XRP, which often move in tandem with bitcoin, gained 5.4% and 8.1%, respectively. Bitcoin's blistering rally has seen a massive flow of coin to North America from East Asia, fuelled by hunger for bitcoin among bigger and compliance-wary US investors. British fund manager Ruffer Investment Management, which managed 20.3 billion pounds ($27.3 billion) in assets at end-November, made a bet on bitcoin now worth around 550 million pounds ($745 million), a spokesman for the company told Reuters. The rally in bitcoin, which some investors have seen as a potential safe haven, has coincided with spot gold's drop in recent months. Glassnode, which provides insight on blockchain data, said long-term holders of bitcoin had been selling the virtual currency after it reached the November record peak.

Source: bd News24 December 16, 2020 15:22 UTC