HONG KONG: A continuing recovery in bitcoin has put the largest cryptocurrency on course for its longest winning streak this year.
The virtual coin rose as much as 5.8% to top US$40,000 (RM169,200) and was trading at US$39,900 (RM168,777) as of 10:30am in Singapore yesterday.
It’s advanced for eight straight days. Other coins including second-ranked ether climbed, boosting the Bloomberg Galaxy Crypto Index.
“The current momentum is strong” and US$45,000 (RM190,350) is in sight but a conclusive break above US$50,000 (RM211,500) “will take some doing,” Pankaj Balani, chief executive officer of crypto derivatives exchange Delta Exchange, wrote in a note.
Bitcoin remains far below its mid-April high of almost US$65,000 (RM274,950). But bulls have taken heart from recent positive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood, as well as speculation over Amazon.com Inc’s potential involvement in the cryptocurrency sector. The token soared Monday as some traders exited leveraged bets on declines. — Bloomberg