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Bitcoin tests 15-month highs after 10% weekend jump


steven36
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LONDON (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.

 

 

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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.

 

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Since Bitcoin is really a commodity rather that a currency I'd argue that speculation is the probably the main reason that people buy Bitcoin.


I doubt many people use it anymore for "illegal transactions on the Dark Web", it's pretty well understood that Bitcoin is very traceable, unlike good old-fashioned cash.

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31 minutes ago, lolsee2 said:

Since Bitcoin is really a commodity rather that a currency I'd argue that speculation is the probably the main reason that people buy Bitcoin.


I doubt many people use it anymore for "illegal transactions on the Dark Web", it's pretty well understood that Bitcoin is very traceable, unlike good old-fashioned cash.

As far as I know it's still widely used by hackers on the darknet  for ransomware payment and  that's what Bitcoin Miners do is mine Crypto Coins packed with malware to evade detection  .. There is no way to pay anybody cash money on the internet because cash is  materialistic . You have to use some kind of payment process  in the digital world because the internet  is not real it's only digital , they can just put money into your banking account via a payment process provider and the bank turns it into cash. At lest that's the way it worked when i sold stuff online  i had to mail it to them what ever i sold that was materialistic they put my money in my payment provider and after it cleared it went into my bank. Tell it cleared it was only good to buy stuff online with my payment provider.

 

Its still kind of the same  you have use a Bitcoin ATM ,Online Service or Bitcoin Debit Card .  No kind of online transaction is 100% safe if you are breaking the law. But people on Ebay and other places still even sell counterfeit goods via  PayPal  , Amazon pay  and Credit cards. As long as there's money to be made they will be some that is willing to risk it.  🤣

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