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Bitcoin hovers above $7,000 after hitting 9-month high over weekend

Reuters/London 13 May 19 | 03:28 PM

Bitcoin hovered above $7,000 on Monday, close to nine-month highs, as the biggest cryptocurrency's 2019 rally gathered steam.

Bitcoin was last up 1.1% at $7,056 on the Bitstamp exchange after soaring 14% on Saturday - its second largest daily jump this year - to its highest since early August.

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Analysts and traders said the outsized move over the weekend did not appear to be the result of any immediate news factors.

David Thomas, of London-based cryptocurrency broker GlobalBlock, said the breaching of a key $6,000 support level last week had fuelled interest among investors.

Other market participants said perceptions of bitcoin's resilience in the wake of last week's $40 million theft from the major Binance exchange was supporting sentiment. Cryptocurrency markets have previously fallen after high-profile security breaches.

Bitcoin has almost doubled in price this year, underscoring its volatility after a bruising 2018. Last year it lost some three-quarters of its value amid tighter regulation across the world.

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