LONDON: 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.
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 say buying bitcoin could be a flight to safety for people who view it as a gold-type asset," said Aliya Itzkowitz at crypto research firm Enigma Securities."I don't subscribe to that view.
Others cited reports that Fidelity Investments would soon offer cryptocurrency trading for the rally. "I don't like to see these price swings. They are not healthy," said Nicholas Gregory of the blockchain company Commerce Block."Whether that's happening because they believe in the tech, or people hedging - you just don't know".