Bitcoin surpasses $8,000 to hit two-month high

Bitcoin, the world`s best-known cryptocurrency, shot past $8,000 on Tuesday for the first time in two months on signs of growing institutional interest in virtual coins. 

Recent reports about impending approval in the United States for a cryptocurrency exchange traded fund (ETF) have helped bolster demand recently, as have comments by BlackRock`s Chief Executive Larry Fink last week that the world`s biggest investment firm was looking at cryptocurrencies.

Bitcoin rose to at high as $8,130 on the Luxembourg-based Bitstamp exchange, its highest since May 22. The prices of other digital currencies also edged higher but most remain lower than a week ago, according to Coinmarketcap.com. 

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After peaking at close to $20,000 in December, bitcoin has lost more than half its value in 2018 as institutional and retail interest has declined.