Bitcoin increased the highest in over a month, rising alongside Asian stocks and surpassing the psychologically significant $20,000 level as demand for risky assets increased due to a period of weakening the dollar.
The world’s largest cryptocurrency advanced 6% to $20,520 at 1:22 p.m. in Singapore, the highest since Aug. 26 and outperforming most of the other top tokens like Ether. Asian stocks were also in the green as risk appetite returned, with the Hang Seng Index up about 2.5%.
The Bloomberg Dollar Spot Index tumbled 0.7% in Asia trading after surging to the highest on record this week. Every Group-of-10 currency strengthened against the greenback, with the risk-sensitive Australian dollar and Norwegian krone leading gains.
Bitcoin has been stuck in the tightest trading range in almost two years in September, in part reflecting uncertainty about how far central banks will go in raising interest rates in the face of a slowing global economy.
