Cryptocurrency Bitcoin hits $8000 in bullish price surge as confidence grows | City A.M.

Bitcoin has bounced back to its highest level in over two months today, marking a wider revival for cryptocurrencies after a tough start to the year.

According to Coindesk’s bitcoin price index, the world’s largest cryptocurrency surged above $8000 earlier today in a feat not seen since late May, while also enjoying its highest control of the cryptocurrency market since December last year, rising to 47 per cent.

Demand for bitcoin, etherum, litecoin and other virtual currencies has been fuelled by reports that the US Securities and Exchange Commission (SEC) is set to approve a cryptocurrency exchange-traded fund, contradicting recent fears that there will likely be harsher global regulations on digital currencies.

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News that a number of heavyweight financial establishments are beginning to invest in cryptocurrencies has also driven the renewed confidence, with reports that asset management giant Blackrock is interested in investing in the cryptocurrency markets.

Such a revival comes a month after Bitcoin fell to lows of around $5825, after a widely-reported hack on South Korea’s cryptocurrency Bithumb put pressure on regulators to demand improvements from crypto-trading venues.

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However, the virtual currency has yet to return to its former highs of nearly $20,000 late last year.