Investing.com - Bitcoin prices rallied above the USD1,000-level for the first time in two weeks on Monday, as ongoing turbulence in emerging markets boosted demand for the virtual currency as an alternative asset.
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BTC/USD rose to a session high of USD1,038.16 on the Tokyo-based Mt. Gox Bitcoin exchange, the strongest level since January 7, before trimming gains to trade at USD1,006.00 during European morning hours, up 1.2%.
A broad based selloff in global equities and emerging markets on Friday weighed on market sentiment and boosted demand for alternative assets such as precious metals and Bitcoin.
A selloff in emerging market currencies accelerated on Monday, with the Turkish lira falling to the latest in a series of record lows against the dollar.
In addition, South Africa’s rand, the Russian ruble and the Argentine peso all fell to multi-year lows against the greenback.
Bitcoin is digital cash for the internet and it is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Prices of the virtual currency soared to an all-time high of USD1,241.10 on November 29. It was trading at USD100 in early October.