Monday 13 May 2019 8:55 am

Bitcoin soars above $7,000 to hit nine-month high

Bitcoin has broken through the $7,000 (£5,383) mark after hitting its highest level in nine months over the weekend.

Read more: Hackers steal $41m in bitcoins from crypto exchange Binance

The cryptocurrency built on a recent period of gains to climb as high as $7,585 yesterday, its highest level since September, according to data from Bitstamp. Bitcoin has since dipped slightly, trading at just above $7,000.

The nine-month high comes after a recent surge in value for Bitcoin, which has defied concerns over the US-China trade war to jump more than 20 per cent over the last week.

“The outlook for Bitcoin remains bullish,” said Marcus Swanepoel, chief executive of cryptocurrency firm Luno.

“The next target is $8,000, but this may depend on the outcome of the US-China trade discussions. The current negativity is driving investors to alternative or safe haven assets, which is benefiting Bitcoin.”

Ethereum, the second-largest cryptocurrency by market capitalisation, also rose over the weekend to a high of roughly $204, but has since dropped down to $188.

Read more: Bitcoin price gains continue as it jumps to six-month high

“Given that global markets are having a bit of a wobble at the minute, Bitcoin’s price growth in recent weeks means it is one of the strongest asset classes so far in 2019,” said Simon Peters, analyst at eToro.