Dubai — Bitcoin has surged as much as 8.7% after surpassing $9,000 for the first time since February 2, the day financial markets worldwide slumped amid concern of rising interesting rates and a return in volatility. The world’s largest crypto-currency had tumbled 70% from an all-time high of almost $20,000 set in mid-December on concern that authorities from Asia to the US were seeking greater oversight. The recovery from the recent low of $5,922 has emboldened long-term advocates. "The climb back to $9,000 range was inevitable," said Darren Franceschini, CEO with Blockchain Technologies Consulting. "It seems people in this industry don’t watch what happens in crypto-currencies every few months and every year since 2015. Now we’re waiting for bitcoin’s next all-time high." Bitcoin isn’t alone in rallying, with smaller rivals ripple and ether gaining at least 7.6%. Meanwhile, litecoin jumped as much as 38%, aided in part on speculation that programmers may split off from the coin’s ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.