Aussie stocks peak to pre-COVID levels as Bitcoin booms

The Australian share market has finished marginally higher than when it started and maximally from where it has been: local stocks are now back to the levels they were prior to the pandemic.

At the close of trade the benchmark S&P/ASX 200 was up 39.2 points or 0.59 per cent to 6,683 points.

The last time the market finished this high was in late February, when the word "coronavirus" was only seen in foreign stories reporting on a strange outbreak in China.

READ MORE: Leaked Wall Street report predicts Bitcoin to hit US$320k in 2021

The biggest gainers of the day were miners and travel; Whitehaven Coal finished up 10.7 per cent while Flight Centre Group finished up 8.92 per cent.

In other markets, infamous cryptocurrency Bitcoin is booming: one "coin" is currently valued at more than $AUD 25,000 and is projected to shoot higher due to global unrest.

A leaked Citibank report even predicted the cryptocurrency will be worth US$318,000 (A$432,000) in a year.

READ MORE: 1970s Holden Torana to fetch more than $1 million at auction

The Citibank report, which described Bitcoin as "21st century gold", was leaked on Twitter, accompanied with the words, "Target: Moon".

"Moon" is a catchcry used by the Bitcoin community to reflect the belief that the cryptocurrency has the potential to achieve dramatic, exponential growth.

"The whole existence of Bitcoin has been characterised by unthinkable rallies followed by painful corrections, the type of pattern that sustains a long term trend," Citibank's global head of CitiFX Technicals Tom Fitzpatrick wrote.

Mr Fitzpatrick guided his Wall Street investment clients to a chart which showed three Bitcoin bull runs over the last decade.

You can get up-to-date information from the Federal Government's Coronavirus Australia app, available on the App Store, Google Play and the Government's WhatsApp channel.

Beyond Blue's Coronavirus Mental Wellbeing Support Service is a 24/7 service free of charge to all Australians. Visit the site here or call 1800512348

For coronavirus breaking news alerts and livestreams straight to your smartphone sign up to the 9News app and set notifications to on at the App Store or Google Play.