Bitcoin extends gains on renewed argument it is an inflation-hedge

Bitcoin extended gains after a report showed US consumer prices increased at the fastest pace in nearly four decade.

The largest cryptocurrency by market value has long been touted as an inflation hedge, in part because of its fixed supply.

Bitcoin rose as much as 4.4 per cent to $50,101 in New York trading on Friday. The coin has been bouncing around the $50,000 level since a weekend flash crash that saw it tumble as much as 21 per cent on Saturday.