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Bitcoin rises above $20,175

Saturday, February 17, 2018

NEW YORK - Bitcoin rose above $US10,000 ($F20,175) on Thursday for the first time in more than two weeks, as investors bought back the digital currency after having fallen 70 per cent from its highest peak hit in mid-December.

Bitcoin has been buffeted this year by a series of negative headlines centering around increased scrutiny by global regulators. There has also been the incidence of hacks on exchanges, the latest being the theft of roughly $US532.9 million ($F1.1b) in digital money from Tokyo-based cryptocurrency exchange Coincheck a few weeks ago.

The first digital currency was also affected by the risk-off mood that permeated financial markets since the beginning of the year, undermining views that bitcoin's price moves are generally uncorrelated to other asset classes. Sentiment on risk assets such as stocks and bitcoin has since improved.

Thomas Lee, managing partner at Fundstrat Global Advisors, sees a new record peak for bitcoin by July, based on the currency's 22 corrections since 2010.

On the Luxembourg-based Bitstamp, bitcoin rose as high as $10,234 ($F20,647) BTC=BTSP and was last at $US10,123.12 ($F20,423), up nearly 7 per cent on the day.

"Bitcoin's increase has coincided with the rally in global stock markets," said Miles Eakers, chief market analyst, at FX brokerage Centtrip, adding that a sustained break above $US10,000 ($F20,175) could open the $US12,000 ($F24,210) level.

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Code Inward TTs Outward TTs
CAD 0.65100.6320
JPY 53.691350.6913
GBP 0.35690.3489
EUR 0.40560.3936
NZD 0.69210.6591
AUD 0.64290.6179
USD 0.50070.4837



Exchange Rate updated on 16th, March, 2018

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