Bitcoin has plummeted over 75 percent this year from a peak of $20,000 touched in December as retail investors piled into a one of the largest bubbles in history.
HONG KONG: Bitcoin climbed suddenly yesterday to the highest level since November, leading a surge in virtual currencies and ending three months of calm in the US$160bil market.
Traders struggled to pinpoint a reason for the rally, which increased the value of digital assets tracked by CoinMarketCap.com by about US$17bil in less than an hour and briefly lifted bitcoin above US$5,000. The biggest virtual currency was trading at US$4,686.68 as of 7:43 am in London, up 14% for the day, according to Bloomberg composite pricing. Rival coins including Ether, Ripple and Litecoin also jumped, as did cryptocurrency-linked stocks in Asia including Remixpoint Inc and Monex Group Inc.
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