The price of one bitcoin is now trading just above $11,500, the highest level in about a year.
Bitcoin has surged more than 60% in 2020 and is up more than 180% from its mid-March lows of about $4,000.
What's driving the bitcoin spike? Experts say much of it is due to the weakness in the US dollar. The dollar has plunged in recent months on expectations that the Federal Reserve will keep interest rates near zero for years as a result of the financial disruption from the Covid-19 pandemic.
It's a flight to safety," said James Putra, head of product strategy for TradeStation Crypto.
"Market" - Google News
August 12, 2020 at 05:26PM
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Dow futures surge 250 points: August 12, 2020 - CNN
"Market" - Google News
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