Tuesday, October 20, 2020

Latest Bitcoin Spike Makes Investors Excited!

 More than a week the price of Bitcoin (BTC) recorded a steady surge eventually pushing the digital asset closer to the key level, $ 12,000.

Based on analysts' observations on Monday, BTC has risen 3.4% to around $ 11,835. Indirectly, the value of $ 12,000 became a major resistance before jumping to the latest target level.

Several other digital currencies also saw a 4.5% jump, while Dash and Monero each saw the highest jump of 5%.

Quantum founder Mati Greenspan opined that the surge was linked to a virtual meeting between the International Monetary Fund (IMF) and BIS managing manager Agustin Carstens and Federal Reserve chairman Jerome Powell yesterday.

It was reported that the meeting was aimed at discussing the issue of cross-border payments and digital currency.

Powell said the central bank is considering the costs and benefits of using digital currency. However, it has not yet been decided whether to establish or not.

In fact, the figure also acknowledged that Libra Facebook has the potential to be a catalyst for related issues.

The majority of analysts are positive with the surge in cryptocurrencies, including its limited supply and more recent institutional participation such as Square Inc which has invested around $ 50 million in Bitcoin.