Bitcoin soars to 12-month high

Bitcoin soared to the highest level in a year, extending a run that’s seen prices more than double. The largest cryptocurrency climbed about 8 per cent Monday to its highest since May 2018, and was trading at $8,678.58 as of 8 a.m. in Tokyo.

Bitcoin is up about 66 per cent this month despite concerns that its price may have surged beyond its “intrinsic value.”

The optimism comes as Fidelity Investments finalises plans to buy and sell the digital asset for institutional customers, and E*Trade dips into the crypto trading.

Rival coins were also stronger early Monday. Litecoin added 7.7 per cent and Ether rose 4.9 per cent.– Bloomberg