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Bitcoin Holds Above $7,000 After Hitting 9 Month High

Bitcoin Holds Above $7,000 After Hitting 9-Month High

Bitcoin has almost doubled in price this year, underscoring its volatility after a bruising 2018.

By Reuters | Updated: 13 May 2019 17:03 IST

Bitcoin Holds Above $7,000 After Hitting 9-Month High

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Bitcoin hovered above $7,000 (roughly Rs. 4.9 lakhs) on Monday, close to nine-month highs, as the biggest cryptocurrency's 2019 rally gathered steam.

Bitcoin was last up 1.1% at $7,056 on the Bitstamp exchange after soaring 14% on Saturday - its second largest daily jump this year - to its highest since early August.

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Analysts and traders said the outsized move over the weekend did not appear to be the result of any immediate news factors.

David Thomas, of London-based cryptocurrency broker GlobalBlock, said the breaching of a key $6,000 support level last week had fuelled interest among investors.

Other market participants said perceptions of Bitcoin's resilience in the wake of last week's $40 million theft from the major Binance exchange was supporting sentiment. Cryptocurrency markets have previously fallen after high-profile security breaches.

Bitcoin has almost doubled in price this year, underscoring its volatility after a bruising 2018. Last year it lost some three-quarters of its value amid tighter regulation across the world.

© Thomson Reuters 2019

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