Published: Thu, May 16, 2019
Finance | By Loren Pratt

Bitcoin tops $8,000 as it hits highest since July 2018

Bitcoin tops $8,000 as it hits highest since July 2018

Bitcoin rallied past $8,000, extending its longest winning streak since 2013 while giving fresh momentum to a cryptocurrency market that crashed only a year ago. The Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital assets, added as much as 8.9%.

Bitcoin was last up almost 17% at $8,131 on the Bitstamp exchange, the largest daily percentage jump since early April.

Bitcoin advanced 11% from Friday to $6 957.73 as of 09:01 Tokyo time, having earlier hit $7 585, according to Bitstamp pricing.

Other cryptocurrencies - Ethereum, Ripple, Bitcoin Cash and Litecoin - have seen sharp gains over the past week.

But there is an ongoing blockchain and cryptocurrency conference in NY called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry.

With fundamental analysts often struggling to explain crypto markets, traders have recently pointed to institutions increasingly embracing digital coins.

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its December 14 trough and is now rising for a sixth-straight day on Bitstamp. "Before then there was not a concrete date on when the Bakkt product is going to be launched".

Penny stocks looking to pounce on the cryptocurrency buzz are enjoying a renaissance triggered by Bitcoin's new momentum.

"Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference", Lee said".

Binance, a large crypto exchange, reported a hack of 7,000 Bitcoins with about $40 million.

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