Bitcoin sees its biggest gains since 2017 - TechCentral

Bitcoin sees its biggest gains since 2017

Bitcoin surged more than US$1 000 this weekend 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% to $7 445, before trading at $7 323.86 as of 2.15pm Hong Kong time on Sunday, according to Bitstamp. That compares to $6 290.24 at Friday’s close. All five members of the Bloomberg Galaxy Crypto Index are up more than 8% this weekend, based on pricing from Bitstamp and Bitfinex.

The price of bitcoin, the biggest cryptocurrency, has more than doubled since its 14 December 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 late last month as New York attorney-general Letitia James alleged an $850-million cover-up 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 26 April for its biggest one-week slide this year.  — Reported by Garfield Reynolds, (c) 2019 Bloomberg LP

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