Bitcoin reaches 18-month high as Facebook's Libra spurs interest

Credit: Reuters Studio
Published on June 26, 2019 - Duration: 01:06s

Bitcoin reaches 18-month high as Facebook's Libra spurs interest

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.

David Pollard reports.

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Bitcoin reaches 18-month high as Facebook's Libra spurs interest

A Bitcoin bonanza for some lucky investors in the cryptocurrency - it hit an 18-month high on Wednesday .... In a two-pronged surge.

First, according to analysts, by nervous investors seeking ways to diversify portfolios - amid a round of dovish signals by central banks.

Comments from Fed chief Jerome Powell and Mario Draghi of the ECB last week suggest rates will be kept on hold for some time to come - or cut.

But Facebook was also said to be giving Bitcoin a boost .... On its talk of launching its own digital money.

Libra, say analysts, could well bring cryptocurrencies into the investment mainstream ... The latest upward move caps a 240 per cent rise this year to close to 13,000 dollars.

That's some way off the near 20,000 record hit in late 2017.

Some analysts, though, see that as an attainable target, once again ... As speculators pile into a rally fuelled by, as said in the Bitcoin community, FOMO: 'fear of missing out'.

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