A token representing Bitcoin virtual currency sits among cables and LED lighting inside a ‘mining rig’ computer in Budapest, Hungary. (Photographer: Akos Stiller/Bloomberg)

Bitcoin Is Back? Cryptocurrency Surges After Breaching $9,000

Subscribe to Bloomberg | Quint
The Daily Newsletter
News & Stock Alerts

(Bloomberg) -- Bitcoin surged as much as 8.7 percent after surpassing $9,000 for the first time since Feb. 2, the day that financial markets worldwide slumped amid concern of rising interest rates and a return in volatility.

The world’s largest cryptocurrency had tumbled 70 percent from an all-time high of almost $20,000 set in mid-December on concern that authorities from Asia to the U.S. 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, 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.”

Read more: Bitcoin’s wild ride explained

Bitcoin isn’t alone in rallying, with smaller rivals Ripple and Ethereum gaining at least 7.6 percent, respectively. Meanwhile, Litecoin jumped as much as 38 percent, aided in part on speculation that programmers may split off from the coin’s blockchain in what’s known as a fork.

Related news and information:
Crypto Trading Ban Downplayed by South Korea After Backlash
Bitcoin Halts Longest Rally Since December After 24% Increase
Bitcoin Finds a Bottom as Risk Aversion Grips Global Markets

To see Bloomberg’s cryptocurrency monitor, type VCCY

©2018 Bloomberg L.P.

Stay Updated With Stock Market News on BloombergQuint
Subscribe to Bloomberg | Quint
The Daily Newsletter
News & Stock Alerts