Bitcoin rose Wednesday after undergoing an eagerly awaited adjustment that occurs every few years to limit the amount of the virtual currency on the market, building on a recent coronavirus-driven rally.
So-called "halving" takes place every four years and is when the reward received by "miners", whose computer processors enable the running of the world's most popular virtual currency, is reduced.
The virtual unit was trading 1.6 percent higher at $8,897 in Asia, according to digital currency tracker CoinDesk, after the "halving" took place earlier this week.
Bitcoin is up about 25 percent this year, with investors viewing it as a hedge against inflation expected to be triggered by central banks easing monetary policy to cushion economies from the virus outbreak. "The Bitcoin 'halving' in effect makes generating new Bitcoins twice as difficult," Jeffrey Halley, senior market analyst from OANDA, told AFP. "That will be supportive of prices." Wednesday's rise also tracked a broader shift from stocks into other assets.
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