INTERNATIONAL - Cryptocurrencies extended their rally yesterday, with Bitcoin breaking above $7500 (R100192) for the first time since June as the market seeks to shrug off some of the security and regulatory concerns that have plagued it for much of the year.
The largest digital token rose as much as 3.1percent to $7543 before paring its increase to 0.8percent at 9.55am in London, according to Bloomberg composite pricing.
Rival coins including Ripple, Ether and Litecoin were mixed but held most of their gains from Tuesday. Despite the advance, Bitcoin remains more than 60percent below the all-time high posted in December.
Recent gains will be a welcome relief for crypto bulls. Prices have come under pressure this year as regulators around the world heightened scrutiny of the nascent industry, which has also grappled with a series of hackings at exchanges, including a $500million heist in Japan. “Markets have been reacting to a number of positive pieces of news, mostly circling around big names such as BlackRock,” said Ryan Rabaglia, head trader with cryptocurrency dealing firm Octagon Strategy.