Bitcoin jumps 20%, mystery order seen as catalyst

LONDON: Bitcoin soared to its highest in almost five months on Tuesday, pulling smaller cryptocurrencies up with it, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.

The original cryptocurrency soared as much as 20% in Asian trading, breaking $5,000 for the first time since mid-November. By mid-afternoon, it had settled around $4,800, still up 16% in its biggest one-day gain since April last year.

Bitcoin surged to near $20,000 in late 2017, the peak of a bubble driven by retail investors. But last year prices collapsed by three-quarters, with trading dominated by smaller hedge funds and crypto-related firms.