Bitcoin jumped yesterday, bringing its rally since Thursday to 26 percent, after China’s government threw its backing behind the digital coin’s underlying ledger technology.
The most-traded cryptocurrency briefly exceeded $10 000 over the weekend, a level it hadn’t touched in more than a month, and surged yesterday to $9 934 before trimming its gain. The wider Bloomberg Galaxy Crypto Index, which tracks the largest digital currencies, advanced to a five-week high yesterday.
The latest leg of the rally cropped up after China’s President Xi Jinping said Beijing will increase investment in blockchain technology. An official with China’s central bank also said. — Moneyweb.