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steven36 posted a topic in General NewsLONDON (Reuters) - Bitcoin tested 15-month highs on Monday after jumping more than 10% over the weekend, with analysts ascribing the spike to growing optimism over the adoption of cryptocurrencies after Facebook unveiled its Libra digital coin. The biggest cryptocurrency hit $11,247.62 on the Bitstamp exchange late on Sunday, its highest since March last year. It later pulled back, and was last up 0.7% at $10,917. Facebook said last week it planned to launch a new cryptocurrency called Libra, though the announcement immediately led to questions from regulators and politicians across the world. Mati Greenspan, an analyst at eToro, said bitcoin’s gains underscored growing optimism among retail investors that Facebook’s plans were part of a wider trend of major companies adopting cryptocurrencies. “Traders are speculating on future involvement of large players like Facebook,” he said. “They believe that Libra will create mass awareness of cryptocurrencies and act as a gateway to adoption.” Other traders cited geopolitical factors from tensions in the Gulf region to the U.S.-China trade war as fuelling interest in bitcoin, which has more than doubled in price since March. Some investors have looked to bitcoin and other cryptocurrencies as a hedge against possible declines in domestic currencies, traders said. Cryptocurrency markets are opaque, and it is difficult to pinpoint exact catalysts for price moves. Between 2200 GMT Friday and 0300 GMT Saturday alone, bitcoin rose more than 10%. Thomas Puech of Enigma Securities, a London-based firm that specializes in larger size over-the-counter cryptocurrency deals, said growing tensions between the United States and Iran were “gas” for bitcoin and other cryptocurrencies. In late March, bitcoin broke out of a spell of limited price moves. It has since risen more than 160%, an ascent peppered by double-digit price swings that have reminded some of its retail investor-fueled 2017 bubble. Bitcoin’s volatility has been a boon to larger investors such as hedge funds, and other investors searching for returns as central banks across the world lean towards lower interest rates, said Puech. Gold prices hovered near a six-year high on Monday, with demand for the safe-haven metal boosted by dovish signals from major central banks. Bitcoin, which accounts for over half of the cryptocurrency market, has more than trebled in price since touching its lowest this year in January. Source
SwissMiss posted a topic in General NewsBitcoin near two-week highs, fueled by hopes for Facebook's Libra FILE PHOTO: A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. REUTERS/Dado Ruvic/Illustration 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: Bitcoin near two-week highs, fueled by hopes for Facebook's Libra