Bitcoin surged to its highest level in 18 months. Reported by Reuters, the surge was due to investors seeking security in alternative investments amid geopolitical tensions.
In addition, the euphoria of the market to welcome Libra Crypto money made by Facebook also helped Bitcoin prices return to the green zone. The world's largest cryptocurrency has jumped in value since April and Wednesday peaked at US $ 13,666 on the Bitstamp exchange.
This figure is the highest level since January 2018. So far this year, bitcoin has increased by more than 260%.
However, this value has not reached the highest all-time value in December 2017 at US $ 20 thousand or around Rp.283,5 million. Investors have flocked back to digital currencies after bruising throughout 2018. Bitcoin has risen for eight consecutive days.
Analysts said Facebook's announcement this month had aroused interest in the digital currency, while investors looking for safety had also pushed the price of bitcoin.
"Cryptocurrency traders are revived by launching their own digital coins and momentum seems to arouse new investors," said Edward Moya, Senior Market Analyst, at OANDA's online forex broker in New York.
"Bitcoin skeptics are careful in trying to stop this surge and might be looking for the next key resistance level of US $ 15,000," he added.
Analysts revealed that with major central banks keeping interest rates near all-time lows, investors have been looking for ways to diversify their portfolios, including through cryptocurrencies.
The volume of Bitcoin CME futures has also increased in recent days, as investors are looking for ways to get their coins through derivatives markets.
Cryptocurrency has skyrocketed 150% since early May, along with large increases in other smaller digital currencies such as Ethereum (ether) and Ripple (XRP)
"It should be noted that this is a very different market today than in 2017," Moro said.
ICO refers to a fundraising scheme that goes through banks and venture capital companies and involves startups that make their own tokens and sell them to the public. source
Facebook Virtual Currency Plan Gives Anxiety to Europe
Plans for the issuance of virtual currencies by social media giant Facebook reap European concerns. On Tuesday (6/18) European finance officials claimed to be wary after Facebook announced it would plunge into the world of virtual currencies.
French Finance Minister Bruno Le Maire said virtual money would never replace what the government had determined.
He insisted on opposing Facebook's plan to demand regulatory guarantees.
Previously, the Le Maire government had made Facebook have to pay taxes. The policy made the US angry.
"If Facebook wants to make instruments for transactions, why not? But there is no question that this would be a sovereign currency. It cannot and should not be a sovereign currency, with all currency attributes," Le Maire said during an interview with Europe radio 1 quotes from AFP (22/6).
According to him, the sovereignty aspect must remain in the hands of the government and not private companies. There is fear that there is a personal interest behind this project.
He stressed that there needs to be restrictions so that the transaction instruments do not even finance terrorist activities or other prohibited activities. On the other hand, Bank of England Governor Mark Carney said Facebook's new currency must be resistant to supervision over supervision and not to be used for money laundering.
Previously, Facebook released a prototype of a virtual currency called Libra. The hope is that this currency will globalize next year.
France currently holds the G7 presidency. With this position, LeMaire said he had asked the group's central bank governor to prepare a report in mid-July to outline guarantees needed by virtual currencies. source
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