The price of bitcoin rose above $9,000, extending a rebound that has made cryptocurrencies far outperform traditional asset classes this year.
Bitcoin climbed to $9,381.82 over the weekend, a 13-month high, according to research site CoinDesk.
Facebook’s upcoming payment cryptocurrency, the so-called Libra, is possibly behind the bitcoin price uptrend. Barry Silbert, the founder, and chief executive of Digital Currency Group, called Libra a “catalyst” that would allow people to learn and adopt digital assets en masse, specifically BTC.
Whether or not it is relevant, but bitcoin also appears to be reacting to the Chinese Yuan’s depressive performance against the US dollar in the last 30 days.
Chris Burniske, a partner at New York-based venture capitalist firm, Placeholder, found evidence of a strong correlation between the bitcoin appreciation and the yuan devaluation.
On June 14, BAM Trading Services announced that it was partnering with Binance, the world’s largest cryptocurrency exchange, to bring Binance to the US with full regulatory compliance. Binance will compete with Coinbase in the US. Binance is trying to be compliant with local regulations and has opened up local exchanges in Singapore, the United Kingdom, and Uganda.
If US traders aren’t allowed to trade in other cryptocurrencies (known as altcoins), they may shift to major cryptocurrencies such as Bitcoin. Alex Kruger, a crypto economist, said in a tweet that the news would lead people to sell everything else and buy currencies such as Bitcoin. The Binance news, along with the news that Facebook will launch its cryptocurrency tomorrow, led to a surge in Bitcoin’s price.
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