Bitcoin bounces back over $10,000 amid coronavirus concerns | Technology

Bitcoin has bounced back above $10,000, fuelled by investors seeking a safe haven amid fears over the economic impact of the coronavirus.

On Sunday, bitcoin rose above $10,000 for the first time since September and by Wednesday was trading at $10,335 on the Luxembourg-based bitcoin and cryptocurrency exchange Bitstamp. It marks a significant shift in fortunes for the 10-year-old cryptocurrency, which hit a low of $3,196 in December 2018.

Bitcoin and other cryptocurrencies have joined gold as a safe-haven asset at times of economic or political uncertainty.

Trading in the cryptocurrency has been highly volatile and even after its latest bull run it remains well below its all-time high, which was just short of $20,000 and was reached in late 2017.

While the coronavirus is considered a factor in its latest surge, the main driver in the short-term is mostly attributed to the upcoming bitcoin “halving event” in May. This will result in the number of bitcoins available to so-called…