Bitcoin hits highest since June after US pledges support for failed banks

Bitcoin climbed above $26,000 for the first time since June on growing optimism that the digital-asset sector will weather the recent turmoil in the US financial system.

The largest cryptocurrency gained for a fourth day, increasing as much as 9.4% to $26,510. It has rallied about 30% since Silicon Valley Bank (SVB) failed on March 10. Data from derivatives-trading data site Coinglass show that about $230m in short crypto positions were liquidated in the past 24 hours…