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Bitcoin climbs 5% to trade back above the $400-level

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Investing.com -

Investing.com - Bitcoin prices rallied to trade above the $400-level on Monday, as speculators returned to the market amid bullish chart signals.

Bitcoin (BTC/USD) touched a session high of $415.00 on Slovenia-based BitStamp earlier in the day, before trimming gains to last trade at $406.60 during U.S. morning hours, up $18.37, or 4.73%.

The price of a bitcoin on Bulgaria-based BTC-e climbed $18.57, or 4.87%, to trade at $400.07, while prices on Singapore-based itBit tacked on $15.11, or 3.89%, to trade at $404.00.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rallied 4.18%, or $16.22, to trade at $404.78.

Bitcoin prices have been well-supported in recent days as investors returned to the market amid bullish chart signals.

Prices of the virtual currency are up nearly 22% since hitting a recent low of $317.80 on November 1.

The price increase has been accompanied by a rise in trading volume and coincides with the recent crackdown of U.S. and European authorities against illegal websites operating on the so-called Tor network, such as online drug marketplace Silk Road 2.0.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) inched up €11.00, or 3.53%, to trade at €322.52 on U.S.-based Kraken Exchange.

Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China advanced 101.29 yuan, or 4.28%, to trade at 2,467.01 yuan, while prices on Beijing-based OKCoin increased 101.57 yuan, or 4.29%, to trade at 2,469.00 yuan.

Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

Prices of the virtual currency are down nearly 41% from its June highs of $683, and roughly 68% below its all-time high near the $1,240-level hit in late November 2013.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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