Bitcoin price has reached the highest level since January 2018 – tech2.org

Bitcoin price has reached the highest level since January 2018


The US presidential election has not been seen since January 2018 amid uncertainty that bitcoin prices climbed above $ 15,000 on Thursday.

According to data from industry website CoinDesk, the world’s most famous cryptocurrency was about 9% higher at a price of $ 15,233.

Bitcoin has been on a tear in 2020, more than doubling in value from year to year. Its meteorite has increased due to the unprecedented excitement of global governments and central banks during the coronovirus epidemic, which some industry insiders believe is more attractive than virtual currencies like the dollar.

“Bitcoin was created due to fears that fiscal stimulus is devaluing currencies globally,” said Simon Peters, a cryptocurrency at investment platform eToro. “As a result, when central banks announce comprehensive plans to pump money into economies, many investors in the crypto community take it as a major bitcoin signal to buy.”

As investors await the latest monetary policy announcement from the Federal Reserve, the US central bank reiterated the need to keep overnight rates close to zero and more fiscal stimulus.

But the uncertainty over the outcome of the 2020 US presidential election is that it is unlikely that another coronavirus stimulus package will be agreed in the near term.

“With the US election slowly drawing to a close, the details of a fiscal stimulus may become apparent. Any such package could see the weakening of the US dollar and further increases in the Bitcoin price going forward,” Peters said. said.

Meanwhile, analysts have made a recent move in the cryptocurrency space from the likes of PayPal and Facebook.

PayPal said it would let its customers buy and sell digital assets such as bitcoin and ether through its digital wallet and eventually use them for purchases, while Facebook developed its own libra digital currency with a consortium from Switzerland called Libra Association Has been doing.

Nevertheless, regulators keep investigating the cryptocurrency industry. Bitcoin’s network does not require a central authority to maintain it, and officials have expressed concern with its use in illegal transactions. On Thursday, the US Department of Justice said it had seized $ 1 billion worth of bitcoin, believed to be now connected to the online black market, Silk Road.

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