Bitcoin rallies past $8,000 for the first time since May
Bitcoin’s rebound continued Tuesday as the largest
cryptocurrency climbed past the $8,000 level for the first time
in two months, leading a revival among digital currencies which
have been under pressure for much of this year.
Bitcoin jumped as much as 4.1% to as high as $8,016.62 at 1:49
p.m. in Hong Kong, the highest since May, according to
composite Bloomberg pricing.
Rival tokens Ether and Litecoin also rallied, while Ripple was
flat, according to data compiled by Bloomberg.
Crypto stocks, the darlings of late last year that quickly
lost their luster, may be rising from the dead.
Scores of small firms rebranded with blockchain at the end of
2017 to boost their share prices, only to see their market
values languish when the Bitcoin bubble burst. Now, as the
top digital token stages a comeback, some of these stocks are
once again mimicking moves of the biggest cryptocurrency.
Bitcoin has rallied more than 30% in July, shrugging off
security and regulatory concerns that have plagued the
virtual currency for much of this year.
Shares of Marathon Patent Group Inc, a firm that opened a
Bitcoin mining facility in Quebec, have posted a comparable
gain this month.
Riot Blockchain Inc., a former machinery maker for the
biotech industry, saw its stock surge nearly 40 percent when
Bitcoin jumped on July 17, lifting it to little changed for
the month. NXT-ID Inc shares rose as much as 5.1% Monday
after the company said it’s marketing a crypto-payments
device with rapper Lil’ Flip.
Read: Bitcoin trades back above
$7,500
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