Resurgent bitcoin breaks above key levels

Bitcoin pushed above US$7 500 on Monday as the largest cryptocurrency resumed an advance that has carried it to the highest in two months.

The digital token jumped as much as 5.8% to $7 703.51 at 10.44am in London, according to composite prices compiled by Bloomberg. Bitcoin again outperformed most of its closest peers, as it did for much of last week, though ripple, ethereum and litecoin also all rose. The MVIS CryptoCompare Digital Assets 10 index climbed 0.5%.

Bitcoin had a torrid time in the two months through to mid-July, under pressure from largely negative news flow that included more hackings and tougher regulatory moves. However, the cryptocurrency has now spent a full week above its 50-day moving average, according to Bitstamp pricing. On Monday, it also pierced the 100-day moving average.

Traders may be taking heart from the Group of 20 nations’ decision to only reiterate that crypto assets lack attributes of sovereign currencies, without providing much detail on how member states should regulate them.

They said crypto-assets “do not at this point pose a global financial stability risk”, while asking an inter-government panel that combats money laundering to “clarify in October 2018 how its standards apply to crypto assets”.

The entire market value of more than 1 600 cryptos tracked by Coinmarketcap.com is $287-billion, no bigger than the market cap of financial payments company Visa.  — Reported by Todd White, (c) 2018 Bloomberg LP