A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, US. Reuters
Bitcoin pulled back from 18-month highs on Monday after jumping more than 10% over the weekend, with analysts ascribing the spike to growing optimism over the adoption of cryptocurrencies after Facebook unveiled its Libra digital coin.
The biggest cryptocurrency touched $11,247.63 on the Bitstamp exchange on Sunday, its highest since March last year. On Monday morning it had pulled back from those highs, and was last down 0.5% at $10,786.
Mati Greenspan, an analyst at eToro, said the gains underscored optimism among retail investors over moves by major companies to adopt cryptocurrencies.
“Traders are speculating on future involvement of large players like Facebook,” he said. “They believe that Libra will create mass awareness of cryptocurrencies and act as a gateway to adoption.”
Facebook announced ambitious plans last week to launch a new global cryptocurrency called Libra.
US President Donald Trump on Thursday criticised Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves
Bitcoin slumped more than 10 per cent over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook’s planned Libra digital coin.
SHANGHAI/HONG KONG: China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. China is the world’s largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area.
Global stock markets rose on Friday as investors put economic growth fears and trade jitters to one side, deciding that they had had enough drama and losses for one week.
Goldman Sachs India Securities said India has already attracted $13 billion net foriegn funds so far this year and expects the trend to continue. “India has already attracted net capital inflows of about $13 billion so far this year which contrasts
India’s merchandise exports rose 2.25 per cent in July on a year-on-year basis to $26.33 billion from $25.75 billion reported for the corresponding month of the previous year.
Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate of 97 per cent regarding the disclosure of the 2nd quarter financial statements 2019 of its listed public joint stock companies,