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Bitcoin jumps 10% to two-week high, leads broad crypto surge

Bitcoin spiked as much as 14% at one point in mid-morning and by afternoon, was up 10.3% at $7,657, its highest since March 28. Other cryptocurrencies like Ethereum and Ripple also rose sharply.

business Updated: Apr 12, 2018 18:40 IST
Reuters, London
Bitcoin,Cryptocurrency,Ethereum
Analysts are unsure of what triggered the spike.(Reuters/Photo for representation)

Cryptocurrency prices jumped on Thursday, led by a 10% surge in Bitcoin to two-week highs, though analysts said they were unsure of what had triggered the spike.

On the Luxembourg-based Bitstamp exchange, Bitcoin spiked as much as 14% at one point in mid-morning European trading and by afternoon, was up 10.3% at $7,657, its highest level since March 28.

Other cryptocurrencies like Ethereum and Ripple also rose sharply.

Two people active in the cryptocurrency market said the biggest moves in Bitcoin had occurred on the Bitfinex exchange before spreading to other trading platforms, but they were struggling to see what had caused the jump.

Cryptocurrency prices had sagged in recent weeks, with price volatility also down.

First Published: Apr 12, 2018 18:40 IST