Bitcoin pulls back from 18-month highs after 10per cent weekend jump

News June 24, 2019 No Comments

Bitcoin pulls back from 18-month highs after 10per cent weekend jump

LONDON: Bitcoin pulled back from 18-month highs on Monday after jumping more than 10per cent 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 touched US$11,247.63 on the Bitstamp exchange on Sunday, its highest since March last year. On Monday morning it had pulled back from those highs, and was last down 0.5per cent at US$10,786.

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Mati Greenspan, an analyst at eToro, said the gains underscored optimism among retail investors over moves by major companies to adopt 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.”

Facebook announced ambitious plans last week to launch a new global cryptocurrency called Libra.

(Reporting by Tom Wilson; Editing by Tommy Wilkes)

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