Bitcoin rallies past $8,000 for the first time since May

Bitcoin’s rebound continued Tuesday as the largest cryptocurrency climbed past the $8,000 level for the first time in two months, leading a revival among digital currencies which have been under pressure for much of this year.

Bitcoin jumped as much as 4.1% to as high as $8,016.62 at 1:49 p.m. in Hong Kong, the highest since May, according to composite Bloomberg pricing.

Rival tokens Ether and Litecoin also rallied, while Ripple was flat, according to data compiled by Bloomberg.

Crypto stocks, the darlings of late last year that quickly lost their luster, may be rising from the dead.

Scores of small firms rebranded with blockchain at the end of 2017 to boost their share prices, only to see their market values languish when the Bitcoin bubble burst. Now, as the top digital token stages a comeback, some of these stocks are once again mimicking moves of the biggest cryptocurrency.

Bitcoin has rallied more than 30% in July, shrugging off security and regulatory concerns that have plagued the virtual currency for much of this year.

Shares of Marathon Patent Group Inc, a firm that opened a Bitcoin mining facility in Quebec, have posted a comparable gain this month.

Riot Blockchain Inc., a former machinery maker for the biotech industry, saw its stock surge nearly 40 percent when Bitcoin jumped on July 17, lifting it to little changed for the month. NXT-ID Inc shares rose as much as 5.1% Monday after the company said it’s marketing a crypto-payments device with rapper Lil’ Flip.


Read: Bitcoin trades back above $7,500

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Bitcoin rallies past $8,000 for the first time since May