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Ethereum extends gains to rise 8per cent; bitcoin firms

Ethereum extends gains to rise 8per cent; bitcoin firms

FILE PHOTO: A representation of virtual currency Ethereum is seen in front of a stock graph in this illustration taken February 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON: Cryptocurrency Ethereum extended gains to rise more than 8per cent on Monday to US$2,587 but remained 40per cent below a record high of above US$4,300 hit earlier this month.

At 1153 GMT, it was trading up 7.4per cent at US$2,565.69.

Larger rival Bitcoin also gained in its wake with the world's biggest and best-known cryptocurrency rising 3.7per cent to US$36,977 in quiet trading with London and U.S. markets shut for holidays.

Bitcoin has been less volatile in recent days but is down by more than 35per cent this month, weighed by growing regulatory pressures on the sector.

Latest positioning data for the week ended May. 25 confirmed the trend with net short positions nearly doubling from the previous week, which was the smallest net short since late March last year.

In the latest salvo against the cryptocurrency, Bank of Japan Governor Haruhiko Kuroda said much of the trading was speculative. His remarks followed China's recent efforts to crack down on mining activities.

It is currently trading at levels last seen in February and at roughly half its peak value of US$65,000 seen in April.

(Reporting by Saikat Chatterjee; Editing by Yoruk Bahceli and Nick Macfie)

Source: Reuters

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