Bitcoin jumped, rising in a matter of minutes to its biggest daily gain since July, and other digital currencies surged in a shock rally that followed the largest monthly decline since May.
The largest cryptocurrency gained as much as 10 per cent to $47,234 early in New York trading. Ethereum, Litecoin and EOS also jumped, with the Bloomberg Galaxy Crypto Index rising as much as 8.3 per cent. Bitcoin had slumped 7.6 per cent in September amid concern about increasing regulatory pressure in China and the US.
EM ‘cryptoisation’ threatens financial stability : IMF
The advent of digital currencies in emerging markets (EMs) could spark “cryptoization” of local economies, potentially undermining exchange and capital controls and upsetting financial stability, the International Monetary Fund said on Friday.
Bitcoin and its kin have in the last year soared in price and popularity, with emerging and developing market economies such as Vietnam, India and Pakistan seeing rapid growth in some measures of adoption, according to Chainalysis.