Bitcoin hits 10-month high

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Bitcoin has surged past $US8000, its highest level since July last year, as the cryptocurrency’s rally gained further momentum.There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high this morning (AEST). But there is an ongoing blockchain and cryptocurrency conference in New York called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry.Bitcoin had also rallied during previous Consensus conferences. At 11.44am (AEST) bitcoin was trading for $US8026 ($A11,538) on the Bitstamp exchange, up more than 11 per cent.It hit a high of $US8167.50 ($A11,742), a roughly 10-month peak. Some analysts pointed out that bitcoin’s rally coincided with the escalating trade war between the United States and China, which eroded overall market risk sentiment.But it is too soon to declare bitcoin as a safe-haven asset, they said. Fred Schebesta, co-founder of Sydney over-the-counter…

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