Just hours after leaping 25 per cent on Monday with no apparent explanation, the largest digital token added as much as 5.9 per cent on Tuesday
Bitcoin rallied past US$8,000, extending its longest winning streak since 2013 while giving fresh momentum to a cryptocurrency market that crashed only last year.
Speculation over what was behind the early-May surge runs from a possible squeeze on short positions to investor relief that recent hackings and scandals aren’t disrupting the broader market. Many crypto enthusiasts point to a long-standing claim — that their assets have become a haven during market turbulence.
Erlam said the rally, which has spilled over to many of the other 2,000-plus digital coins that trade, harks back to the frenzy that drove Bitcoin almost to US$20,000 in 2017 before it crashed to almost US$3,000 the following year. Bitcoin was 3.4 per cent higher as of 10:01 a.m. in New York, paring its advance from as high as US$8,331.38, according to Bloomberg composite pricing. That added to Monday’s gain, which was its biggest one-day increase since 2014.
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