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Abu Dhabi, UAETuesday 13 November 2018

Bitcoin breaks $7,500 as rebound gathers pace

Cryptocurrency has now spent a full week above its 50-day moving average

The digital currency is bouncing back from a torrid two months and outperforming peers. Reuters
The digital currency is bouncing back from a torrid two months and outperforming peers. Reuters

Bitcoin pushed above $7,500 on Monday as the largest cryptocurrency resumed an advance that has carried it to the highest in two months.

The digital token jumped as much as 5.8 per cent to $7,703.51 at 10:44am in London, according to composite prices compiled by Bloomberg. Bitcoin again outperformed most of its closest peers, as it did for much of last week, though Ripple, Ethereum and Litecoin also all rose. The MVIS CryptoCompare Digital Assets 10 index climbed 0.5 per cent.

Bitcoin had a torrid time in the two months through mid-July, under pressure from largely negative news flow that included more hackings and tougher regulatory moves. However the cryptocurrency has now spent a full week above its 50-day moving average, according to Bitstamp pricing. On Monday it also pierced the 100-day moving average.

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Traders may be taking heart from the Group of 20 nations’ decision to only reiterate that crypto-assets lack attributes of sovereign currencies, without providing much detail on how member states should regulate them. They said crypto-assets “do not at this point pose a global financial-stability risk”, while asking an inter-government panel that combats money-laundering to “clarify in October 2018 how its standards apply to crypto-assets”.

The entire market value of more than 1,600 cryptos tracked by Coinmarketcap.com is $287 billion, no bigger than the market cap of financial-payments company Visa.