By Adam Haigh and Eric Lam
Bitcoin climbed past $9,000, to its highest since May 2018, as reports that Facebook Inc. is due to unveil a digital currency added to optimism that cryptocurrencies are becoming more widely adopted by mainstream finance.
The largest digital currency rose as much as 9.4 per cent from late Friday and traded at $9,215 at 9:30 a.m. London time. Rival coins also climbed: Litecoin was up 5 per cent and Ethereum rose 5.5 per cent.
Crypto-linked stocks also rose in Asia, with Remixpoint Inc. jumping 6 per cent. Monex Group Inc. and Ceres Inc. ended the day advancing at least 2 per cent in Tokyo while Vidente Co. climbed 2.7 per cent in Seoul.
“The simple fact is, in a time when people are looking for some sort of safe haven or some hedge, money has found its way to” Bitcoin, said Brett McGonegal, CEO with Capital Link International, in an interview with Bloomberg TV. “The inflection point in any major play to a nascent asset class is the attachment point to institutional money. If institutional money starts to touch bitcoin thats when you go much higher.”
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