Bitcoin hit its highest level in 10 months on Tuesday, raising hopes among crypt...
LONDON - Bitcoin hit its highest level in 10 months on Tuesday, raising hopes among cryptocurrency enthusiasts of greater mainstream acceptance as an escalating U.S.-China trade war roiled global markets, but others urged investor caution.
There was no obvious reason for the sudden rise with the opacity of cryptocurrency markets rendering it virtually impossible to prove or disprove any theories. Some traders said the prospect of major firms, including Starbucks, to accept digital money were fuelling hopes that bitcoin would gain use among mainstream consumers - something that has previously eluded it.
Whatever the reason, price moves of such dramatic scale are a reminder that cryptocurrencies remain a highly speculative market where prices are not linked to factors such as technological development, some industry officials said.
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