Bitcoin retreats from 18-month high after 10% weekend jump

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Bitcoin retreats from 18-month high after 10% weekend jump

On Monday, the 24th of June 2019, during the early European trading hours, Bitcoin had pulled back from its 18-month high reached during the weekend, while analysts remained speculative on further Bitcoin gain amid growing optimism over Facebook’s new digital currency “libra”, which has every potentiality to bypass traditional financial system to reach services to its huge user-base, since it had not yet been connected to any recognized financial service provider or banks.

The biggest crypto among all, Bitcoin, had surged to $11,247.63 on Sunday (June 23rd), breaching its highest level since March last year, but on Monday morning European trading hours, it was pulled back from its multi-months peak and had last been trading 0.5 percent down at $10,786.

Adding that the gains of cryptos including 10% bitcoin upsurge over the weekend had been signaling a wave of optimism spurred by major company’s moves to adopt digital currencies, an analyst at eToro, Mati Greenspan said, “Traders are speculating on future involvement of large players like Facebook.

They believe that Libra will create mass awareness of cryptocurrencies and act as a gateway to adoption”. In point of fact, last week, the social networking titan, Facebook had unveiled its plans of launching a new digital currency, Libra, by next year, which had robustly added to crypto traders’ optimism.