Bitcoin Tops $10,000 on Central Bank Digital Currencies and Coronavirus

Bitcoin rose 5 percent yesterday to $10,300, which is a five-month high, after comments from Federal Reserve Chair Jerome Powell about exploring a government cryptocurrency; “Every major central bank is currently taking a deep look,” Powell said at a Congressional hearing on Tuesday. “I think it’s very much incumbent on us and other central banks to understand the costs and benefits and tradeoffs associated with a possible digital currency.”; there are many reasons for the rise with fears about coronavirus on conventional assets and the upcoming bitcoin halving event; “Bitcoin started rising during the market sell-off triggered by coronavirus,” Gavin Smith, CEO of cryptocurrency group Panxora, said in an email to Business Insider. “The underlying driver is the bitcoin halving event in May.” Business Insider

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments