Bitcoin surges past $8,000 for first time since May

Bitcoin's rebound continued on Tuesday, carrying the largest crypto currency above $8,000 for the first time in two months and leading a revival among

digital currencies

that have been under pressure for much of the year.


The most-followed crypto asset jumped as much as 5 per cent to $8,084 during London trading hours, according to composite Bloomberg pricing. Rival tokens Ethereum, Litecoin and Ripple rallied as much as 7.6 per cent. While bitcoin last breached $8,000 in May, it's still about 17 per cent below its high for that month.

With the latest gains, the total value of crypto-currencies worldwide is again approaching $300 billion, according to data on almost 1,700 coins followed by Coinmarketcap.com. Bitcoin still remains almost 60 per cent down its peak of almost $20,000 in December.

"We've been in depressed levels for the last six months, so it's really one way from here, which is up," said Timothy Tam, CEO of CoinFi - a cryptocurrency data analysis company. "The timing is always difficult to predict but I think we're at the start of a secular bull market."

Optimism over bitcoin improved after a host of regulators and central banks addressed the nascent industry over the past two months, yet fell short of trying to stunt it. Prices were supported after a report that

BlackRock

, the world's largest asset manager, was studying whether to invest in bitcoin futures, and media have pointed to sentiment underpinned by reports of a possible exchange-traded fund holding bitcoin. The crypto-currency space has otherwise struggled this year, as the industry grapples with increased regulatory scrutiny around the world as well as security concerns.