Bitcoin surges past $11,000 while stocks plunge on trade war fears

The largest cryptocurrency surged as much as 14 per cent from Friday’s close and traded at $11,809 at 10:35 a.m. in New York

International News: Bitcoin climbed above the $11,000 level for the first time since mid-July and led gains among the biggest cryptocurrencies, as risk assets across Asia, Europe and North America tumbled on escalating trade-war tensions.

The largest cryptocurrency surged as much as 14 per cent from Friday’s close and traded at $11,809 at 10:35 a.m. in New York, according to consolidated Bloomberg pricing. The Bloomberg Galaxy Crypto Index tracking a basket of cryptocurrencies jumped 8.6 per cent, as rival digital coins including Ether and Litecoin also rallied.

“With the turmoil in markets and the streets, suddenly digital gold doesn’t seem like such a bad idea,” Jehan Chu, managing partner at blockchain investment and advisory firm Kenetic Capital, said from Hong Kong, where massive public protests continue. “Bitcoin is increasingly seen not only as a bet on the future, but as a shelter for the present.”

While Bitcoin historically has had relatively low correlation with most asset classes, it has lately moved inversely to Asian stocks. Equities were roiled on Monday after China’s yuan fell past 7 per dollar, a key psychological level for traders….