Bitcoin reaches 12-month high at over $8,000

Bitcoin experienced a further surge in value as it broke through the $8,000 (£6,174) mark, the highest level the cryptocurrency has reached in a year, after hitting a nine-month high at the weekend.

The virtual currency expanded on a recent period of gains to climb as high as $8,166 yesterday, reaching its peak in value since May 2018, data from Luxembourg-based firm Bitstamp revealed. The 12-month high comes following a recent swell in value for bitcoin, which defied wider market concerns over the US and China trade war to leap more than 60 per cent over the last month.

The rise in value was largely attributed to positive news from several major cryptocurrency conferences yesterday, while crypto exchange firm Bitfinex also launched a $1bn fundraiser for the currency.

The second largest cryptocurrency by market capitalisation, Ethereum, experienced a more modest uptick, increasing to a six-month high of just over $205.

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