SYDNEY: Bitcoin soared to the highest level in a year, extending a run that’s seen prices more than double since March.The largest cryptocurrency climbed as much as 10% Monday from levels late Friday, and was trading at $8,847 as of 10:25 a.m. in Tokyo. The more merchants that accept crypto encourages more people to adopt it and use it,” said David Tawil, president of crypto hedge fund ProChain Capital. There are signs the rally is running too hot, wrote Bloomberg Intelligence analyst Mike McGlone in a note. Crypto transactions, for instance, have been lagging the broader rally, indicating caution for additional price increases, he said. "There still may be another pullback before we get to fundamentals truly taking over and speculators and frauds being expunged.” - Bloomberg

Source: The Star May 27, 2019 00:27 UTC