Bitcoin jumps to nine-month high as cryptocurrencies extend rebound

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its Dec. 14 trough and is now rising for a sixth-straight day on Bitstamp.

Bitcoin surged to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the New York attorney general’s investigation of a key part of the market.

Bitcoin rose as much as 6.9 per cent to $7,445, before trading at $7,341.37 as of 7:45 a.m. Hong Kong time on Sunday, according to Bitstamp. All five members of the Bloomberg Galaxy Crypto Index are up more than 10 per cent since Friday, based on pricing from Bitstamp and Bitfinex.

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its Dec. 14 trough and is now rising for a sixth-straight day on Bitstamp. The decade-old token surged as intensifying trade tensions hammered global stocks in the past week to set fresh milestones for Bitcoin’s wild ride after it crashed last year from 2017’s peak above $19,000.

Virtual currencies slumped last month as New York Attorney General Letitia James alleged an $850 million coverup by the companies behind virtual currency Tether and Bitfinex — one of the world’s largest crypto exchanges. The Bloomberg Galaxy Crypto gauge tumbled 11% in the week to April 26 for its biggest one-week slide this year.

 

Garfield Reynolds | Bloomberg

Last Updated at May 12, 2019 08:53 IST

David