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Bitcoin Rally Pauses at $10,500, Still Up 25%

Investing.com - Bitcoin extended strong gains into a second day on Saturday, but it's run higher stalled at the $10,500 level.

Bitcoin was up 25% at $9,412.6 by 05:00 AM ET (09:00 GMT) having risen as high as $10,461.1 earlier. The run higher represents a huge reversal from the lows of $7,329.2 reached on Wednesday.

For the week, Bitcoin is up 16% and is up 11% for the month to date.

The rally has mainly been attributed to remarks by Chinese President Xi Jinping, who said Thursday the country should accelerate the development of blockchain technology as the core for innovation.

He made the comments at a study session of the Politburo.

Other digital currencies, including Litecoin, XRP and Ethereum were also higher.

--Reuters contributed to this report

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