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

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