Bitcoin Price: Bitcoin Up 4%, Eyes $ 37,000; Ethereum gains 8%

LONDON: Cryptocurrency Ethereum expanded profits by more than 8 percent to $ 2,587 on Monday but remained 40 percent below the record high of over $ 4,300 earlier this month.

At 1153 GMT it was trading 7.4 percent to $ 2,565.69.

Bigger rival Bitcoin also won in its wake, with the world’s largest and best-known cryptocurrency rising 3.7 percent to $ 36,977 in quiet trading, with London and US markets closed for holidays.

Bitcoin has been less volatile in the past few days but is down more than 35 percent this month, weighed down by growing regulatory pressures on the sector.

Latest position information for the week ending May. 25 confirmed the trend, with net short positions almost doubling compared to the previous week, the smallest net short position since the end of March last year.

In the recent volley against the cryptocurrency, Bank of Japan Governor Haruhiko Kuroda said much of the trade is speculative. His remarks followed China’s recent efforts to crack down on mining activities.

It is currently trading at levels last seen in February and around half its high of $ 65,000 in April.

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