European Central Bank president Christine Lagarde called on Wednesday for global regulation of bitcoin, saying the digital currency had been used for money laundering activities.
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The white-knuckle bitcoin ride took another twist on Monday as a two-day tumble in the digital currency stoked concern that the polarising cryptocurrency boom may run out of steam.
Bitcoin jumped more than 5% on Friday to fresh record highs of $41 530, reversing losses from earlier in the session. It has now rallied nearly 1 000% since a low in March.
The total market value of cryptocurrencies surpassed $1-trillion for the first time on Thursday amid a frenzied and volatile rally in bitcoin to yet another record.
Bitcoin jumped to another all-time high on Wednesday, just two days after registering its biggest one-day decline since March.
Bitcoin fell sharply on Monday, losing ground from a record high of $34 800 touched a day earlier, with traders citing volatility in highly leveraged futures markets.
The more utopian scenarios for crypto, whether proponents realise it or not, rely on the notion that crypto remains simultaneously fringe and mainstream. That will be a hard trick to pull off.
Last year’s backlash against Facebook’s planned digital currency libra would have been most CEOs’ worst nightmare. It hasn’t deterred Mark Zuckerberg.
Elon Musk on Sunday asked about the possibility of converting “large transactions” of Tesla’s balance sheet into bitcoin, according to a Twitter exchange.
Bitcoin has surged about 20% this week, breaching $22 000 for the first time and stirring predictions that more gains lie ahead for the world’s largest cryptocurrency.