Bitcoin jumped to an 18-month high on Wednesday, a surge analysts said was cause...
LONDON - Bitcoin jumped to an 18-month high on Wednesday, a surge analysts said was caused by nervous traders looking for safety in alternative investments and expectations that Facebook’s Libra could turn cryptocurrencies mainstream.
Investors have flooded back into digital currencies after a bruising 2018. Bitcoin has risen for eight consecutive days. And now Facebook has said it would offer its own cryptocurrency, the Libra coin, by end of June 2020. “It obviously does appear to be benefiting from some sort of flows that gold is benefiting, too,” said Michael Hewson, chief market strategist at CMC Markets. “You’ve got all this stuff about Libra going on, which is renewing interest in bitcoin. Crypto is back in vogue.”FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, U.S., January 4, 2018.
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