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Bitcoin rises 8per cent to US$48,861.48

Bitcoin rose 8 per cent to US$48,861.48 on Monday, adding US$3,620.52 to its previous close.

FILE PHOTO: A collection of bitcoin (virtual currency) tokens are displayed in this picture illustr
FILE PHOTO: A collection of bitcoin (virtual currency) tokens are displayed in this picture illustration taken Dec. 8, 2017. REUTERS/Benoit Tessier/Illustration

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REUTERS: Bitcoin rose 8 per cent to US$48,861.48 on Monday, adding US$3,620.52 to its previous close.

Bitcoin, the world's biggest and best-known cryptocurrency, has risen 76.2per cent from the year's low of US$27,734 on Jan. 4.

Bitcoin, the world's biggest and best-known cryptocurrency, has fallen 16.3per cent from the year's high of US$58,354.14 on Feb. 21.

Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.

Ether, the coin linked to the ethereum blockchain network, rose 8.74 per cent to US$1,546.06 on Monday, adding US$124.29 to its previous close.

(Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese)

Source: Reuters