Bitcoin flirts with US$10,000 after China endorses blockchain

The most-traded cryptocurrency briefly exceeded $10,000 over the weekend, a level it hadn’t touched in more than a month, and surged on Monday to $9,934 before trimming its gain.

HONG KONG: Bitcoin jumped on Monday, bringing its rally since Thursday to 26%, after China’s government threw its backing behind the digital coin’s underlying ledger technology.

The most-traded cryptocurrency briefly exceeded $10,000 over the weekend, a level it hadn’t touched in more than a month, and surged on Monday to $9,934 before trimming its gain. The wider Bloomberg Galaxy Crypto Index, which tracks the largest digital currencies, advanced to a five-week high on Monday.