Bitcoin pierces $57,000 as traders resume push for record highs

NEW DELHI: Bitcoin climbed above $57,000 for the first time since May as speculators bet that the largest cryptocurrency will retest the record highs reached earlier this year.

The digital currency rose as much as 4.3% to $57,829 Monday in New York before paring gains. It reached almost $65,000 in April, and has roughly doubled this year. The Bloomberg Galaxy Crypto Index increased as much as 2.4% on Monday.

As in past rallies, a myriad of reasons are being cited for the latest surge, from an easing of concern about regulatory efforts in the US and China, as well as renewed optimism about a possible US Securities and Exchange Commission approval of a Bitcoin exchange-traded fund.