Bitcoin hit its highest level in 10 months on Tuesday, raising hopes among cryptocurrency enthusiasts of greater mainstream acceptance as an escalating U.S.-China trade war roiled global markets, but others urged investor caution.
There was no obvious reason for the sudden rise with the opacity of cryptocurrency markets rendering it virtually impossible to prove or disprove any theories.Some traders said investors moved money to bitcoin, treating it as a safe haven as traditional financial markets stumbled on fears that a worsening Sino-U.S. trade dispute could derail the global economy.
Some traders said the prospect of major firms, including Starbucks, to accept digital money were fueling hopes that bitcoin would gain use among mainstream consumers - something that has previously eluded it. Unexplained price swings have been par for the course during bitcoin’s first decade. Just last month, bitcoin had its biggest daily gain for a year, leaving investors puzzling over the cause of the move.Whatever the reason, price moves of such dramatic scale are a reminder that cryptocurrencies remain a highly speculative market where prices are not linked to factors such as technological development, some industry officials said.
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globeinvestor For anyone wondering - that is a picture of 10,000's of computers burning energy 24/7 mining for 'virtual bitcoins' and that farm is one of thousands around the world. Neat idea - total waste of resources.
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