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Strong Bitcoin price gains continue.
On Wednesday, the oldest and most known digital currency rose to its highest level since January 2018. Just a few weeks earlier, the rate had reached its all-time high of around $ 20,000, but then plummeted dramatically.
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A high of US $ 13,864 was reached on the Bitstamp trading platform in the middle of the week. Bitcoin gained nearly 30 percent in value in October alone. Other digital currencies such as ether have also benefited from the recent price hike.
The jump in price was triggered by payment provider PayPal’s announcement about a week ago that it would allow its customers to use crypto currencies like Bitcoin. Investors are hoping that the move to commercialization of digital currencies will give a boost. The news follows other well-received news such as the establishment of a Bitcoin fund by the large investment firm Fidelity this summer.
The cryptocurrency theme is also receiving a boost from the fact that more and more central banks are thinking about their own digital currencies. However, the effect of such efforts on existing digital currencies is unclear. It is true that they are given greater awareness through considerations such as the European Central Bank (ECB) to create a digital euro. However, central banks are critical of existing cryptocurrencies like Bitcoin or Ether.
/ bgf / ssc / mis
FRANKFURT (awp international)
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