Reuters

Bitcoin zoomed past $11,000 to hit a record high for the sixth day in a row on Wednesday after gaining more than $1,000 in just 12 hours, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion.

The Canadian dollar weakened to a nearly four-week low against its U.S. counterpart on Wednesday as oil prices fell, while data showing strong American economic growth helped the greenback hold onto this week’s gains.

Sterling rose to a two-month high after European Union diplomats said that Britain has moved “close” to EU demands over Brexit, although concerns that differences remain on key conditions capped the currency’s gains on Wednesday.

The U.S. economy has gathered steam this year and will warrant continued interest rate increases amid a global recovery, Federal Reserve Chair Janet Yellen told congressional leaders on Wednesday.

The U.S. economy grew faster than initially thought in the third quarter, notching its quickest pace in three years, as increases in business investment in inventories and equipment offset a moderation in consumer spending.

German inflation accelerated more quickly than expected in November, the Federal Statistics Office said, as the economy and labor market boomed — supported by loose euro zone monetary policy — and food and fuel costs rose.

Virtual currency bitcoin soared to an all-time high above $10,000 on Wednesday on major exchanges and digital currency indexes, including the widely followed Luxembourg-based trading platform BitStamp.

Asian shares rose and the dollar held firm on Wednesday after Wall Street shot to record peaks amid signs of progress on U.S. tax cuts, upbeat economic data and bank-friendly comments from the would-be head of the Federal Reserve.

Oil prices eased on Tuesday, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed.

Virtual currency bitcoin soared to an all-time high above $10,000 on Tuesday on some smaller exchanges and digital currency indexes, but remained just below that milestone in major trading platforms such as Luxembourg-based BitStamp.