Bitcoin rallies 4% to 3-week high

Bitcoin rose over 4% on Monday to three-week highs as traders flock to Bitcoin, a crypto safe haven, after a selloff in the cryptocurrency Tether on Bitfinex. 

At Bitstamp, Bitcoin rose $265, or 4.31% to $6,450, with an intraday low at $6,149, and the highest since September 28 at $6,756. 

Bitcoin lost 0.3% on Sunday, the first loss in three days as recovery efforts from two-month lows at $6,055 halted. 

Bitcoin lost 5.9% last week, the third such loss in a row after warnings by IMF on crypto assets' impact on the global market. 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system. 

Market value of cryptocurrencies rose $21 billion on Monday to $221 billion, the highest since October 9. 

Bitcoin's surge is partly due to new investments flooding into it after the selloff of Tether on Bitfinex and other platforms. 

The selloff was instigated by concerns over the difficulty of linking Tether to the dollar, damaging the virtual currency's appeal and putting its future in jeopardy. 

Otherwise, news outlets reported that South Korea will announce its final decision on Initial Coin Offerings in November.