Bitcoin jumped on Monday, bringing its rally since Thursday to 26 per cent, after China’s government threw its backing behind the digital coin’s underlying ledger technology.
The most-traded cryptocurrency briefly exceeded US$10,000 over the weekend, a level it hadn’t touched in more than a month, and surged on Monday to US$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.
The latest leg of the rally cropped up after . An official with China’s central bank also said blockchain technology can help with commercial banks’ risk control and ease borrowing difficulties for smaller businesses. Investors snapped up blockchain-related stocks on Monday, with more than 60 tech shares surging by the daily limit in Shanghai and Shenzhen. Even equities with more tenuous connections to blockchain, such as baby-food producer Beingmate Co. and selfie-app developer Meitu Inc., got a boost from the news. Hong Kong’s BC Technology Group Ltd., which operates a crypto exchange, jumped the most since May.
Bitcoin traded at US$9,424 as of 9:59 a.m. London time, up 9.9 per cent from Friday’s close, according to Bloomberg consolidated pricing.
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