Bitcoin climbs past $7,000 and hits nine-month high

Bitcoin has climbed past $7,000, reaching its highest price since September on the back of an extended rally that has seen it surge by more than $1,000 over the weekend.

At one point on Monday morning, Bitcoin had surged by almost 14% to $7,585.

The price of Bitcoin picked up the pace last week even after Binance exchange announced that hackers withdrew 7,000 Bitcoins worth about $40m via a single transaction in a “large scale security breach.”

Analysts and traders cited by Reuters said the outsized move over the weekend did not appear to be in reaction to any specific news.

Bitcoin has almost doubled in price year-to-date but it's still a long way away from the record highs of $19,783.21 reached at the end of 2017.

Neil Wilson, chief analyst at Markets.com said: “The momentum is building for bulls and you cannot ignore that once Bitcoin builds up a head of steam, the mania can come back, and the momentum traders will pile in. This is a pure momentum play and the chart is looking parabolic again.”

As of 1240 BST, Bitcoin was trading 3.77% higher to 7,267.24 according to Coindesk.