Economy

Bitcoin continues climbing above $8,000

Bitcoin continues climbing above $8,000

The advance comes only a few days after the digital asset broke through $6,000, and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset taking place in NY this week.

Bitcoin strengthened past $8 000 for the first time in about 10 months on Tuesday, crossing another milestone as cryptocurrencies continued their scorching rally. That pushed shares up as much as 15 per cent on Tuesday, as traders funneled money back to the stock; market cap was about US$16.2 million versus a 2017 peak of almost US$350 million.

All of the top 20 cryptocurrencies by market cap are recording gains today, the top three performers of which include Binance Coin (BNB), BitcoinCash (BCH), and Dash (DASH) which reported 24-hour gains of 13.8, 12.6, and 12.6 percent, respectively, at time of writing.

Nation wide curfew imposed as communal violence hits Sri-Lanka
In a televised address, Police Chief Chandana Wickramaratne warned that officers would respond to rioters with maximum force. Muslims make up almost 10 per cent of Sri Lanka's population of 22 million, which is predominantly Buddhist.

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. Moreover, such mainstream companies like such as eBay and Whole Foods are also rumored to consider adding cryptos as a means of payment.

Hedge funds and other investors had increased their net short bet against Bitcoin in the week through 7 May, the US Commodity Futures Trading Commissions said Friday. The data further shows that a high of $7,946.01 has been reached during Monday trading.

According to data from Bitwise, which adjusts reported bitcoin spot volumes to account for fake volumes, the $1 billion plus worth of CME bitcoin futures volumes in the prior 24 hours was nearly double the bitcoin spot volume on Binance and triple volumes on Coinbase.


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