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The largest digital currency in the world rose 3.4% on Monday to around $ 11,835.
Bitcoin’s biggest rally in more than a week has pushed it to the brink of $ 12,000, a key level observed by charts and technicians.
The largest digital currency in the world rose 3.4% on Monday to around $ 11,835. Crypto fans are closely watching the $ 12,000 level as a major hurdle to overcome before it can embark on a bigger rally.
The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital coins, also rose, gaining 4.5% at one point. Dash and Monero were among the biggest promoters, each up more than 5%.
On Monday, the International Monetary Fund hosted a virtual panel on cross-border payments and digital currencies that featured BIS Director General Agustin Carstens and Federal Reserve Chairman Jerome Powell, among others. Powell said the central bank is evaluating the costs and benefits of a digital currency, but has not yet decided whether to issue it. He also made a nod to Facebook Inc.’s Libra as a catalyst for focusing more attention on issues.
The discussion helps at least in part to explain Bitcoin’s move to the upside as it has been closely watched by the crypto community, said Mati Greenspan, founder of Quantum Economics.
“Comments from Jerome Powell and the other attendees made it clear how far the various countries are when it comes to CBDC,” Greenspan said, referring to the central bank’s digital currencies. “Many on social media were quick to point out that a truly global and decentralized digital currency already exists.”
Trading the coin on Monday also helped counter a recent trend to move in tandem with US equities, where it often rose when it was and fell on risk-free days. The S&P 500 Index fell as investors weighed the latest progress on a new government spending bill intended to support the economy.
Many analysts remain upbeat on the cryptocurrency, heartened by its limited offer and comforted by increased institutional acceptance in recent weeks. Square Inc., for example, said earlier this month that it made an investment of approximately $ 50 million in Bitcoin.
“We see Bitcoin emerging as a relative oasis of calm and outperformance,” Bloomberg Intelligence analyst Mike McGlone wrote in a statement. “There should be little doubt that technology and digitization will continue to advance, but the supply of Bitcoin will continue to shrink, supporting its price.”
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