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Bitcoin Extends Rally, Sparking Hopes of $20,000 Test

Cryptocurrency Jun 26, 2019 02:00PM ET

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Bitcoin Extends Rally, Sparking Hopes of $20,000 Test

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Investing.com - Bitcoin soared above $13,000 on Wednesday, stoking investor hopes that the popular crypto may soon lay siege to the $20,000 level it reached fewer than two years ago.

Bitcoin rose 14.55% to $13,321 from a session low of $11,747.3.

The most recent surge has been attributed to an uptick institutional interest following Facebook’s plan to launch its own crypto, according to Craig Erlam, a senior market analyst at the financial trading firm Oanda.

"Bitcoin has slowly – by its own standards – been rising in recent months but the launch of Facebook’s Libra has clearly been a catalyst for the recent surge," Erlam said.

But according to The Wall Street Journal, citing the latest CFTC Commitment of Traders Report, institutional investors held about 14% more bearish short positions in CME bitcoin futures last week than long positions, suggesting the uptick has been driven by retail investors.

Others, meanwhile, have pointed to weakness in the greenback amid expectations the Federal Reserve will cut rates in July as another tailwind that has inspired the recent rally.

The bulge in bitcoin’s market cap, often used to gauge demand for the popular currency, suggests that traders are betting that there’s further room for the rally.

Bitcoin’s market cap has surged 43% to $235 billion over the past week, while the overall crypto market cap has grown 30% to $377 billion boosting other cryptos.

Other cryptos were mostly higher. XRP rose 3.79% to $0.48694, Ethereum surged 12% to $346.88 and Litecoin rose 3.61% to $135.8.

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Comments (5)

Craig Kubnick Jun 26, 2019 7:40PM ET

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Old News...

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Rubberduck1973 Jun 26, 2019 4:44PM ET

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Hahaha. I have a Nice short from 13800 ish.

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Boštjan Zabukovec Buky Jun 26, 2019 4:40PM ET

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You can buy any time and HODL it's limited edition so wait 5years or more

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Moses nugs Jun 26, 2019 4:11PM ET

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Can I buy now?

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Michael Angelo Jun 26, 2019 3:29PM ET

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Sorry but are these news of just an immense ad of Vegas, trade now complain later...

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