Is bitcoin back? Cryptocurrency surges after breaching US$9,000

Bitcoin surged as much as 8.7 per cent after surpassing US$9,000 for the first time since February 2, the day that financial markets worldwide slumped amid concern over rising interesting rates and a return in volatility.

The cryptocurrency had reached US$9,306 as of 5pm New York time - a recovery from the recent low of US$5,922 that has emboldened long-term advocates.

“The climb back to [the] US$9,000 range was inevitable,” said Darren Franceschini, chief executive with Blockchain Technologies Consulting.

“It seems people in this industry don’t watch what happens in crypto every few months and every year since 2015. Now, we’re waiting for bitcoin’s next all-time high.”

The world’s largest cryptocurrency had previously tumbled 70 per cent from an all-time high of almost US$20,000 set in mid-December on concern that authorities from Asia to the US were seeking greater oversight.