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Last Updated : Jun 24, 2019 01:56 PM IST | Source: Reuters

Bitcoin pulls back from 18-month highs after 10% weekend jump

The biggest cryptocurrency touched $11,247.63 on the Bitstamp exchange on June 23, its highest since March last year.

Bitcoin pulled back from 18-month highs on June 24 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 June 23, its highest since March last year.

On June 24 morning it had pulled back from those highs, and was last down 0.5% at $10,786.

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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.

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First Published on Jun 24, 2019 01:48 pm
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