Bitcoin Near Two-week Highs, Fueled By Hopes For Facebook’s Libra

Bitcoin Near Two-week Highs, Fueled By Hopes For Facebook's Libra

Facebook Libra

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, reports Reuters.

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.


whatsapp
Have a story to tell, or images to share on a breaking news in Nigeria or beyond? Send them to Concise News via Whatsapp(0906 928 2577)

Donatus Anichukwueze is a journalism graduate from the Lagos State University, School of Communication. He's a writer with special interest in technology, sports, entertainment and politics. He's also a true and true Chelsea FC fan.


Learn the secret to truly natural weight loss plus testimonies of people who have benefited.

Shocking Discovery Reveals Natural Viagra that Help Men Last 25minutes and Get Stronger Erections without side effects

New Anti-Infection Herbal Remedy So Effective… Flushes off
Staphylococcus, Gonorrhea and other Related Infections!

Tired of generators? Get PRAG INVERTER, Nigeria’s No.1 Inverters 

Be the first to know…Get daily round up of top Nigerian newspaper headlines. Click here. 

Tired of estimated bills/generator noise? Go off the grid…get PRAG SOLAR for 24/7 noiseless and uninterrupted power supply.