News Bitcoin near two-week highs, fueled by hopes for Facebook's...

Bitcoin near two-week highs, fueled by hopes for Facebook’s Libra

-

- Advertisment -

LONDON (Reuters) – Bitcoin held on Tuesday near its highest for two weeks after surging as much as 9% overnight, a move analysts said was probably driven by hopes that cryptocurrencies are gaining wider acceptance after Facebook disclosed plans for a digital coin.

Bitcoin touched $12,833 overnight on the Bitstamp exchange BTC=BTSP, its highest since June 27, before pulling back. It was last up 2.2% at $12,560.

The biggest cryptocurrency has gained over 45% since Facebook laid out plans last month for its Libra coin, sparking renewed optimism that cryptocurrencies will gain mainstream acceptance among companies and individual users.

“What we have seen in bitcoin over the last couple of weeks is still very linked to Libra,” said Craig Erlam, senior market analyst at OANDA. “People allude to the idea that bitcoin is a more mature industry than previously.”

Bitcoin remains highly volatile. It has gained nearly 240% this year after slumping by three-quarters last year.

Analysts pointed to other data points that suggested usage of bitcoin is growing. Peer-to-peer exchange of bitcoin – a proxy for non-speculative usage – is at its highest for nearly eight months, said Mati Greenspan of eToro.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Facebook’s Digital Wallet Name is Changing – From Calibra becomes Novi

The renaming of its digital wallet, from Calibra to Novi, was decided by Facebook, almost a year...

What is the Mysterious Pi that Doesn’t Belong to Cryptocurrencies?

Rarely do cryptocurrency websites refer to anything other than bitcoin. According to experts, the main reasons are...

To Kill A Dragon – How To Build An Honest Alternative To Sharing Economy Industry

The sharing economy is big business. Platforms like AirBnB, Uber, WeWork, Upwork, and others in the industry...

3 Beginner Friendly Ways to Make Money with Cryptocurrency 2020

In this article, we will explain how to make money with cryptocurrency in 2020. These methods are...
- Advertisement -Bitcoin near two-week highs, fueled by hopes for Facebook's Libra

Blockchain, Bitcoin, and Mashed Potatoes

According to studies, over the next 5 years, many of the major supermarkets are expected to...

Different Facets of Biometric Authentication and How They Are Making A Difference in The Financial Sector

When we think of authentication in the true sense, then we find ourselves amid the different proven...

Must read

What is the Mysterious Pi that Doesn’t Belong to Cryptocurrencies?

Rarely do cryptocurrency websites refer to anything...
- Advertisement -

You might also likeRELATED
Recommended to you