Bitcoin jumps as much as 6% to new six-month high

With no immediate news catalysts sending the cryptocurrency higher

Reuters May 04, 2019
Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. PHOTO: REUTERS

LONDON: Bitcoin jumped to a new six-month high on Friday in a move that traders said was the result of technical forces, with no immediate news catalysts sending the cryptocurrency higher.

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Bitcoin climbed more than 6 per cent to briefly break $5,700, its highest since November 14. It was last at $5,680 on the Bitstamp exchange, taking gains this year for the original and biggest virtual currency to nearly 55 per cent.

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Other major cryptocurrencies such as ethereum and Ripple’s XRP, their prices are often seen as correlated to bitcoin, also moved higher.

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