Bitcoin rises 8% to $48,861.48
Bitcoin rose 8 % to $48,861.48 on Monday, adding $3,620.52 to its previous close.
Bitcoin, the world’s biggest and best-known cryptocurrency, has risen 76.2% from the year’s low of $27,734 on Jan. 4.
Bitcoin, the world’s biggest and best-known cryptocurrency, has fallen 16.3% from the year’s high of $58,354.14 on Feb. 21.
Bitcoin is at a tipping point and could become ‘currency of choice’ for global trade, Citi says
Citi thinks bitcoin is at a “tipping point” and could one day “become the currency of choice for international trade” as firms like Tesla and PayPal warm to it and central banks explore issuing their own digital currencies.
“There are a host of risks and obstacles that stand in the way of Bitcoin progress,” the U.S. investment bank’s global perspectives and solutions team wrote in a note Monday.
“Bitcoin’s future is thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion.”
It marks a change in tone for major financial institutions on bitcoin. Many banks have historically shunned the digital asset, arguing it has no intrinsic value and the hype surrounding it is akin to the tulip mania of the 17th century.
Exclusive: Goldman Sachs restarts cryptocurrency desk amid bitcoin boom
Goldman Sachs Group Inc has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said.
Reference: Reuters, CNBC
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