Breaking News
Translate

Bitcoin breaches $17,500 dollars in risk-on market

Kindly Share This Story:

Bitcoin breaches $17,500 dollars in risk-on market

Bitcoin rallied Tuesday for the second consecutive day, gaining $1,500 to approach an all-time high in a market that is now ready to take on risk.

In late European trading, the virtual currency was worth $17,502 and was headed towards its record of $19,041 reached in late 2017.

Forex.com analyst Fawad Razaqzada said  “There has been strong appetite for all risk assets, including cryptos, in the wake of extraordinary government and central bank stimulus measures to combat the negative impact of the pandemic.”

The coronavirus has forced officials to support financial markets with cash and loan guarantees to ward off an economic collapse, attenuating the level of risk and helping stock markets in the United States to set new records on Monday.

Bitcoin was created in 2008 by the pseudonymous Satoshi Nakamoto, and marketed as an alternative to traditional currencies.

ALSO READ: UN helicopter made emergency landing, NAF clarifies

Unregulated by any central bank, it was sold as an attractive option for investors with an appetite for the exotic — and criminals also appreciate its under-the-radar appeal.

Michael Hewson, an analyst at CMC Markets, felt “the rally has been driven largely by an investment community that appears more comfortable buying cryptocurrencies.”

Bitcoin’s most recent upward trend coincided with an announcement by online payment system Paypal on October 21 that it would allow users to buy and sell using bitcoin as well as other cryptocurrencies such as Ethereum and Litecoin.

[AFP]

Vanguard News Nigeria

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!