Loading...

Home pages - full list (A-Z)

Cryptocurrencies Soar: Litecoin Gains 30 Percent

Cryptocurrencies exploded on Friday for reasons not fully understood by analysts. Litecoin was among the day’s stars, gaining 30 percent. Brokers, though, remain skeptical about the rally’s sustainability.

#News #AUD #BTC #Crypto #ETH #GBP #USD
Email share     Facebook     LinkedIn    Twitter

At one stage on Friday, bitcoin was up more than $360 at $3,800 before a bout of profit-taking saw gains pared by $76 to $3,724. The 8.3 percent one-day increase was the largest since December.

If bitcoin is the crypto market’s gold, litecoin is its silver, and that ended the day up a staggering 30 percent at a 12-week closing high of $43.81.

Ethereum gained nearly 15 percent to $121.21.

Buying appeared to follow hopeful remarks from an official at the Securities and Exchange Commission, Robert J. Jackson Jr., who said in an interview that a cryptocurrency ETF would “eventually” receive SEC approval.

Some in the market suggested that troubles in Venezuela had helped spur crypto purchases.

Amid hyperinflationary conditions that get worse with each passing week, more and more Venezuelans are turning to bitcoin as a store of value and volumes in the country are at an all-time high. For the first time, weekly traded volumes have exceeded 2000 bitcoins on the peer-to-peer LocalBitcoins exchange, TrustNodes reports.

Though something of a confidence booster, Friday’s gains fail to put bitcoin up on the year—it’s down 2.8 percent—and make hardly a dent in last year’s spectacular losses. The flagship digital currency remains more than 80 percent lower than its December ’17 high of $19,891.

As for the coming weeks, experts remain skeptical as to the sustainability of buying. A bigger and clearer catalyst is needed to turn the bear market around, thinks David Thomas, director of London-based broker GlobalBlock.

“Something needs be the catalyst to get things going again. Unfortunately, global uncertainty for a multitude of reasons is driving many to become more risk averse and so whatever that spark is, it needs to be significant,” Thomas told The Independent.

 

Further Reading

 

AUD/GBP Between a Rock and a Hard Place – USD Strength

AUD/GBP versus AUD/USD and GBP/USD

Both the Australian dollar and British pound sterling have had a hard time of late caught between the rock of the China/US trade war and the Brexit hard place.

Last update: 13 Aug, 2019

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 6 Jul, 2019

Australia Cuts Interest Rates to Record Low

RBA Australian dollar AUD currency news and forecasts

The RBA has cut Australian interest rates to a record low of 1 percent in an effort to boost inflation. The Australian dollar is slightly stronger following the widely expected decision but is expected to lose 5–7 percent of its value before year-end.

Last update: 14 Aug, 2019

  

Posted to: News

 
 
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.
 

Get a Better FX Deal when you Send and Spend Abroad.

 

Do NOT follow this link or you will be banned from the site!