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Bitcoin hovers above $7,000 after hitting 9-month high over weekend

Bitcoin has almost doubled in price this year, underscoring its volatility after a bruising 2018

Reuters  |  London 

Representative Image
Representative Image

hovered above $7,000 on Monday, close to nine-month highs, as the biggest cryptocurrency's 2019 rally gathered steam.

was last up 1.1% at $7,056 on the Bitstamp exchange after soaring 14% on Saturday - its second largest daily jump this year - to its highest since early August.

Analysts and traders said the outsized move over the weekend did not appear to be the result of any immediate factors.

David Thomas, of London-based cryptocurrency GlobalBlock, said the breaching of a key $6,000 support level last week had fuelled interest among investors.

Other market participants said perceptions of bitcoin's resilience in the wake of last week's $40 million theft from the Binance exchange was supporting sentiment. Cryptocurrency have previously fallen after high-profile security breaches.

has almost doubled in price this year, underscoring its volatility after a bruising 2018. Last year it lost some three-quarters of its value amid tighter regulation across the world.

 

First Published: Mon, May 13 2019. 15:28 IST
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