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Wednesday, February 8, 2023

Bitcoin surges toward US$40,000 level

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HONG KONG: Bitcoin surged on Monday in Asia to nearly $40,000, extending a recent recovery.

The largest cryptocurrency rose as much as 15% to $39,681 before paring some of the climb. It was at about $38,100 as of 9:13 a.m. in Hong Kong. The token climbed above its 50-day moving average over the weekend.

Bitcoin had looked to be in danger of further declines after it fell below $30,000 last week, a level widely flagged by strategists as potentially spurring further drops.

But it got a boost when Elon Musk — at “The B Word” conference on Wednesday — said he wants Bitcoin to succeed and that his space-exploration company SpaceX Inc. owns some. Star investor Cathie Wood said corporations should consider adding Bitcoin to their balance sheets, while Square Inc. CEO Jack Dorsey said the coin is resilient.

Second-largest cryptocurrency Ether also surged, though by a more modest 8.4% to a high of $2,339. – Bloomberg

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