‘Extraordinary’: Bitcoin shoots past $11,000 as memories of popped bubble fade

Bitcoin traded above US$11,000 for the first time in 15 months, recouping more than half of the parabolic increase that captured the attention of mainstream investors before the cryptocurrency bubble burst last year.

Bitcoin surged as high as US$11,251.21 on Monday, a 13 per cent gain from late Friday that put it at the highest levels since March 2018. It was at US$10,797.91 as of 1:28 p.m. in Hong Kong. Bitcoin’s ride back accelerated in April, puzzling onlookers trying to pinpoint a reason for the surge. A study by Indexica, an alternative data provider, showed three main drivers: a more complex conversation surrounding Bitcoin, fewer concerns about fraud and a shift in the tense of how Bitcoin is talked about from the past to the future.

In contrast with last year, there are now signs of renewed mainstream interest in cryptocurrencies and the underlying blockchain technology, most prominently Facebook Inc.’s Libra. The social-media giant is working with a broad group of partners from Visa Inc. to Uber Technologies Inc. to develop the system, which has already attracted attention and criticism from politicians raising privacy and security concerns.

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