Bitcoin pulled back from 18-month highs on Monday after jumping more than 10 percent 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 percent 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 the 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.
First Published: Jun 24, 2019 1:53 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM