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.

Currency-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.

BTC to USD - 1 Week chart to 09 Feb
BTC/USD - 1 Week chart to 09 Feb

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.

ETH to USD - 1 Week chart to 09 Feb
ETH/USD - 1 Week chart to 09 Feb

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


Dollar Turbocharged by Economic Data; At Long-Term High Versus Euro, Franc and Krona

A turbocharged US dollar is likely to be “stronger for longer” after reaching long-term highs against a host of major currencies, including the euro, Swiss franc and Swedish krona.

Last update: 25 Apr, 2019

Aussie dollar in the trenches after low inflation result

The RBA has resisted cutting interest rates lower than the record 1.5 per cent, however, this week’s lower than expected inflation data could make a cut inevitable.

Last update: 25 Apr, 2019

Swiss Franc Slumps to 6-Month Low Versus Euro

The Swiss franc continued its shocking run of form on Tuesday, slipping against the euro to its weakest level in 6 months.

Last update: 23 Apr, 2019

8 Percent Drop Coming Soon for Australian Dollar; RBA “Wants a Weaker Currency”

HSBC has reaffirmed its US66¢ year-end forecast for the Australian dollar, thereby signalling an upcoming 8 percent slide in the world’s fifth most traded currency.

Last update: 22 Apr, 2019

WorldFirst World Account – BER Review

WorldFirst World Account – Independent BER Review World Account: A Summary WorldFirst, a market leader in the international payments space, offers a multi-currency “World Account” that allows businesses to hold, send and receive funds in 8 major currencies (GBP, EUR, USD, AUD, CAD, JPY, SGD and NZD). With a World Account, businesses can invoice customers […]

Last update: 24 Apr, 2019


Tags: Currency-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!