Bitcoin pushes through US$11,000 threshold in fourth day of gains

Bitcoin climbed for a fourth day, accelerating a rally that began when it bounced off a technical support level.

The biggest cryptocurrency rose 11 per cent to US$11,022 as of 12.29pm in New York. That brought its increase to 57 per cent since February 6, when it began rebounding from a 200-day moving average, according to prices compiled by Bloomberg.

Bitcoin outperformed its closest rivals – Ripple, Ethereum and Litecoin – which gained less than 4 per cent. It last closed above US$11,000 on January 29.

After a crash in January wiped about half a trillion dollars from the market caps of some 1,500 cryptocurrencies tracked by CoinMarketCap, many found a floor in mid-February.

That coincided with statements by many analysts and market watchdogs that seemed to offer tacit acceptance that the assets won’t be regulated out of existence.

Still, until regulators gain a better grip on them, digital currencies will struggle for wider acceptance in mainstream finance, according to S&P Global Ratings.

“The future success of cryptocurrencies will largely depend on the coordinated approach of global regulators and policymakers to regulate and enhance market participants’ confidence in these instruments,” the ratings firm said in a report published Monday.

Among the banks S&P rates, “exposure to cryptocurrencies appears to remain limited,” it added.