Investing.com – Bitcoin rose on Monday as traders continued to shake off China’s move to force local bitcoin exchanges to shut down operations within the next month.
On the U.S.-based Bitfinex exchange, bitcoin rose to $3894.6, up $239.9, or 6.56%, as the popular digital currency bolstered its market cap to $65bn.
The latest surge in Bitcoin comes amid a notable drop in trading volumes as traders weigh the outcome of a post-China-ban bitcoin environment following China’s decision to ban local exchanges, forcing them to cease trading activity by October 30.
Following one of the worst slumps in its history as a result of the ban, Bitcoin has struggled to mount a sustainable rally above $4,000, trading within a roughly $600 range.
Other cryptocurrencies added to gains on Monday, as Bitcoin Cash rose 6.84% to $449.79 while Ethereum gained 4.21% to $293.88.