Bitcoin climbs above $7 000 as cryptocurrency rally extends

Bitcoin climbed to the highest since September, briefly surpassing $7 000, as a rally in cryptocurrencies gathered pace in trading over the weekend.

Bitcoin advanced 11% from Friday to $6 957.73 as of 09:01 Tokyo time, having earlier hit $7 585, according to Bitstamp pricing.

The largest cryptocurrency is on a tear after trading closer to $5 000 at the start of May and has more than doubled since mid-December. Still, it remains a long way off its 2017 peak that topped $19 000.

The future of virtual currencies remains a contentious debate amid heat from regulators and news of a hack on one large exchange. New York Attorney General Letitia James last month alleged an $850m cover-up by the companies behind virtual currency Tether and Bitfinex - one of the world’s largest crypto exchanges.

Separately, Binance last week said hackers withdrew 7 000 Bitcoins worth about $40m via a single transaction in a “large scale security breach,” the latest in a long line of thefts in the digital currency space.

ZAR/USD
17.36
(+0.20)
ZAR/GBP
22.74
(+0.08)
ZAR/EUR
20.56
(+0.10)
ZAR/AUD
12.46
(-0.06)
ZAR/JPY
0.16
(-0.14)
Gold
1940.30
(-0.78)
Silver
26.20
(-4.47)
Platinum
943.00
(-1.66)
Brent Crude
45.01
(-1.03)
Palladium
2109.00
(-2.75)
All Share
57077.48
(-0.60)
Top 40
52737.48
(-0.65)
Financial 15
10156.41
(-0.69)
Industrial 25
75107.47
(-0.84)
Resource 10
58926.78
(-0.40)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1004 votes
It depends on how the funds are used.
74% - 6744 votes
No. We should have gotten the loan elsewhere.
15% - 1415 votes
Vote