Bitcoin rallied above the $13,000 level, adding to its double-digit gains this week.
The world's first and largest cryptocurrency soared 15% to a high of $13,485.85 Wednesday afternoon -- its highest level since January 2018, according to industry site CoinDesk. The spike brings bitcoin's one-week gains to more than 40%, and its year-to-date increase to more than 240%.
"The scale of the recent appreciation is striking," Jim Reid, Deutsche Bank's multi-asset analyst, said in a note to clients Wednesday. "Obviously recent dovishness from central banks has seen investors look towards alternative currencies, but perhaps Facebook's unveiling of its Libra currency has seen investors look again at cryptocurrencies with fresh eyes."
Facebook's cryptocurrency project "Libra," which is expected to go live in 2020, will not be controlled or fully run by the tech company, according to its white paper. Stripe, Uber, Mastercard, Visa, PayPal and Spotify are among the dozens of others with stakes in the project. Bitcoin's bounce marks a sharp turnaround from a weak performance last year. It and other cryptocurrencies plunged more than 70% by the end of the year as high-profile hacks, crack-downs on initial coin offerings and the lack of new bitcoin trading offerings, like an exchange traded fund, dampened enthusiasm. Bitcoin started trading this year around the $3,7000 level and has more than tripled since. Prices are still short of their all-time high near $20,000 reached in December of 2017.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Women CEOs outearn male top execs, according to a new study by EquilarWomen chief executive officers at America's biggest companies took home median pay of more than $13 million in 2018, compared with the $12 million that men took home. That's according to a new Equilar study, which looked at base salary, bonus, stock-based compensation and other benefits.
Read more »
Oil and bitcoin are rallying while stocks are mixed as traders weigh the Fed's more measured take on rate cutsGeopolitical tensions drove oil prices higher, while bitcoin soared 12%. European stocks are flat, US futures are slightly up, while Asia fell.
Read more »
Bitcoin vaults to 18-month highs on growing popularityBitcoin jumped to its highest in eighteen months on Wednesday on safe-haven inve...
Read more »
There's another reason behind bitcoin's 200% rise this year — it's got nothing to do with FacebookBitcoin traders are anticipating an event known as 'the halvening,' where the rewards to so-called bitcoin miners are cut in half.
Read more »
Is There a Big Short in Bitcoin?Hedge funds and other big traders are betting that bitcoin will fall, even as the digital currency has risen above $10,000 on a new wave of crypto-optimism.
Read more »