The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Bitcoin climbed to a fresh 2019 high, approaching the $6,000 level for the first time since November.
The largest digital coin advanced as much as 4.7 percent to $5,961, before paring its gain to 3.4 percent in New York, according to Bloomberg composite pricing. Most of the other highly traded tokens were mixed, lagging Bitcoin.
The world’s most-followed cryptocurrency has been drawing attention from technical
analysts and conventional investment firms as it claws its way back from last year’s 74 percent plunge that took it below $4,000.
“Bitcoin is testing new near-term highs because the overall institutional involvement is becoming stronger and stronger,†Jehan Chu, managing partner
at Kenetic Capital, said from Hong Kong. “We’re just seeing institution after institution lining up to the thesis of digital currency, and Bitcoin is the standard bearer.â€
Fidelity Investments plans to buy and sell it for institutional customers within a few weeks, according to a person familiar with the matter.