NEW YORK (BLOOMBERG) – Bitcoin has climbed above US$57,000 (S$77,300) for the first time since May as speculators bet that the largest cryptocurrency will retest the record highs reached earlier this year.
The digital currency rose as much as 4.3 per cent to US$57,829 on Monday (Oct 11) in New York before paring gains. It reached almost US$65,000 in April, and has roughly doubled this year.
The Bloomberg Galaxy Crypto Index increased as much as 2.4 per cent on Monday.
As in past rallies, a myriad of reasons are being cited for the latest surge, from an easing of concern about regulatory efforts in the United States and China to renewed optimism about a possible US Securities and Exchange Commission (SEC) approval of a Bitcoin exchange-traded fund (ETF).
Investors are particularly excited that a Bitcoin futures ETF may soon be given the green light by the US regulator, as SEC…