Bitcoin tests hit high levels as fund managers shift to cryptocurrencies

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Bitcoin prices tested their highest levels on Tuesday as investors continue to hoard money in the world’s most popular cryptocurrency amid slow gains for gold and a weaker US dollar.

Bitcoin prices have more than doubled in the past six months, compared to a 4.7% gain for spot bullion prices and modest outflows for the ETFS on gold, thanks to the push towards alternatives to benchmark equity indices as central bank and government stimulus erode the value of fiat currencies. The US dollar index, which follows the greenback against a basket of its global currency counterparts, fell 7.5% over the same period the Federal Reserve’s balance sheet grew to more than $ 7 trillion, thanks in part to its myriad efforts to support the coronavirus-damaged economy.

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