Bitcoin climbs above $7,000 as cryptocurrency rally extends

The largest cryptocurrency is on a tear after trading closer to $5,000 at the start of May and has more than doubled since mid-December
Bitcoin climbs above $7,000 as cryptocurrency rally extends
The future of virtual currencies remains a contentious debate amid heat from regulators and news of a hack on one large exchange.
By Bloomberg
Mon 13 May 2019 08:05 AM

Bitcoin climbed to the highest since September, briefly surpassing $7,000, as a rally in cryptocurrencies gathered pace in trading over the weekend.

Bitcoin advanced 11% from Friday to $6,957.73 as of 9:01 a.m. Tokyo time, having earlier hit $7,585, according to Bitstamp pricing. The Bloomberg Galaxy Crypto Index is up 7.6%.

The largest cryptocurrency is on a tear after trading closer to $5,000 at the start of May and has more than doubled since mid-December. Still, it remains a long way off its 2017 peak that topped $19,000.

The future of virtual currencies remains a contentious debate amid heat from regulators and news of a hack on one large exchange.

New York Attorney General Letitia James last month alleged an $850 million cover-up by the companies behind virtual currency Tether and Bitfinex - one of the world’s largest crypto exchanges.

Separately, Binance last week said hackers withdrew 7,000 Bitcoins worth about $40 million via a single transaction in a “large scale security breach,” the latest in a long line of thefts in the digital currency space.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.