Bitcoin rallied past $16,000 on Tuesday as traders of the world’s biggest digital currency sought to draw a line under its roller coaster five-day slump.
The tokens rose 16 percent to as much as $16,132.09, the biggest gain on a closing basis in more than two weeks and the first in six days. It traded higher by 14 percent to $15,659.9 as of 1:36 p.m. in New York. Rival currencies litecoin and ethereum were up 4.4 percent and 2.6 percent, respectively, according to data compiled by Bloomberg.
High trading volumes at Coinbase, one of the biggest exchanges, forced the company to issue a warning on its website that transactions for bitcoin and ether may be delayed by several hours.
The gains will be a welcome relief for crypto bulls, after bitcoin declined 26 percent in the five days through Monday in what was seen as a major test for the nascent digital currency industry. The advance suggests that, even as financial authorities issue warnings about the risks of a bubble in the asset class, investor interest remains intact, at least for now.
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