SINGAPORE • Bitcoin jumped above the US$7,000 (RM29,190) level, as its longest winning streak since 2013 continued to rekindle the global cryptocurrency market.
The advance comes only a few days after the digital asset broke through US$6,000, and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset taking place in New York this week.
Bitcoin’s latest surge happened on Saturday when the two US exchanges carrying futures were closed, making it potentially difficult for short sellers to cover their wagers.
“Bitcoin is acting differently since moving above its 200-day moving average” and the gains are occurring on strong volume, Fundstrat co-founder Tom Lee, a noted bitcoin bull, wrote in an email.
With fundamental analysts often struggling to explain crypto markets, traders have recently pointed to institutions increasingly embracing digital coins. The likes of Fidelity Investments plan to buy and sell bitcoin for institutional customers soon, and E*Trade is dipping into the trading space.
The most well-known digital token rose as much as 14% to as high as US$7,174.63, then pared the gain to 13%, according to composite prices compiled by Bloomberg at 11:57am London time yesterday.
Rival coins surged in a broad rally, with bitcoin cash up 24%, and litecoin and ether both at least 11% higher. — Bloomberg