Bitcoin closes in on $11,000 threshold in fourth day of gains

[MADRID] Bitcoin climbed for a fourth day, accelerating a rally that began when it bounced off a technical support level.

The biggest cryptocurrency rose 8.9 per cent to $10,985 as of 12.08 pm in London. That brought its increase to 54 per cent since Feb 6, according to prices compiled by Bloomberg. Bitcoin outperformed its closest rivals - Ripple, Ethereum and Litecoin - which gained about 2 per cent.

Until regulators gain a better grip on them, digital currencies will struggle for wider acceptance in mainstream finance, according to S&P Global Ratings in a report published Monday.

"The future success of cryptocurrencies will largely depend on the coordinated approach of global regulators and policymakers to regulate and enhance market participants' confidence in these instruments," the ratings firm said in a report published Monday. Among the banks S&P rates, "exposure to cryptocurrencies appears to remain limited." Bitcoin last closed above US$11,000 on Jan. 29.

BLOOMBERG