Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

Cryptocurrency Jun 26, 2019 02:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

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.

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

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Craig Kubnick
Craig Kubnick Jun 26, 2019 7:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Old News...
Mart Bab
Rubberduck1973 Jun 26, 2019 4:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hahaha. I have a Nice short from 13800 ish.
Boštjan Zabukovec Buky
Boštjan Zabukovec Buky Jun 26, 2019 4:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You can buy any time and HODL it's limited edition so wait 5years or more
Moses nugs
Moses nugs Jun 26, 2019 4:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Can I buy now?
Michael Angelo
Michael Angelo Jun 26, 2019 3:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Sorry but are these news of just an immense ad of Vegas, trade now complain later...
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email