Bitcoin and other cryptocurrencies continue to find demand, as the latest rally gathers steam following a crash which saw prices fall below $US6,000 earlier this month.
Trading activity over the weekend came with the usual dose of volatility, as Bitcoin topped out above $US11,200 before falling to around $US10,200 in the space of about eight hours yesterday morning (Australian time).
A short time ago, prices had stabilised at around $US10,700:
The weekend rally is part of a broader uptrend for cryptocurrency prices since February 6.
That was the day when US regulators — the CFTC and the SEC — said they would take more of a hands-off approach as the crypto market develops, and would instead focus their efforts on illegal initial coin offerings.
A degree of regulatory certainty appears to have helped the market, as investors assess the impact of the increased scrutiny over crypto trading.
The latest rise in prices has extended to the other major cryptocurrencies, but Ethereum co-founder Vitalik Buterin warned over the weekend that the market remains risky and the value of all cryptocurrencies could still fall to $0.
However, on the more bullish side, an ex-JP Morgan trader (turned Bitcoin investor) believes cryptos are the future of finance and a showdown is shaping up between digital finance players and traditional financial services companies.
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