Bitcoin tops US$8,000 as cryptocurrency’s rally gains momentum while US-China trade war talks reach an impasse
- Bitcoin was last up nearly 17 per cent at US$8,131 on the Bitstamp exchange, the largest daily percentage jump since early April
- It hit a high of US$8,167.50, a roughly 10-month pea
Bitcoin surged to more than US$8,000 late on Monday, its highest level since July last year, as the cryptocurrency’s rally gained further momentum.
There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Monday.
But there is an ongoing blockchain and cryptocurrency conference in New York called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry. Bitcoin had also rallied during previous Consensus conferences.
Bitcoin was last up nearly 17 per cent at US$8,131 on the Bitstamp exchange, the largest daily percentage jump since early April. It hit a high of US$8,167.50, a roughly 10-month peak.
Some analysts pointed out that bitcoin’s rally coincided with the escalating trade war between the United States and China, which eroded overall market risk sentiment. But it is too soon to declare bitcoin as a safe-haven asset, they said.