Bitcoin near 9-month high as bank turmoil sparks rally

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo

HONG KONG: Bitcoin hovered near nine-month highs on Monday, and has closed out its best week in four years as turmoil in traditional banking drives some investors to turn to digital assets.

The biggest cryptocurrency by market value fell 1.8% in Asia hours to $27,549 after hitting its highest since June 12 on Sunday at $28,474.