Bitcoin reaches 18-month high as Facebook's cryptocurrency, Libra, spurs interest
NEW YORK/LONDON - Bitcoin jumped to an 18-month high on Wednesday, as investors looked for safety in alternative investments amid geopolitical tension, and cheered prospects that Facebook Inc’s Libra token could push cryptocurrencies into the mainstream.
“Cryptocurrency traders were reinvigorated by Facebook’s launch of their own digital coin and momentum appears to be stirring up fresh new investors,” said Edward Moya, senior market analyst, at online FX broker OANDA in New York. Bitcoin CME futures volumes have also increased in the past few days, as investors look for ways to get their hands on the coin via the derivatives market.
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