With worries about a currency war growing and bond yields collapsing, investors have reached for their usual haven of gold. Only this time it has a friend: bitcoin.
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Bitcoin climbed past the $11 000 level for the first time since mid-July to lead gains among the biggest cryptocurrencies, as risk assets across Asia tumbled on escalating trade war tensions.
As cryptocurrency prices tumbled across the board last year, venture capitalists focused their attention on the promise of the underlying technology. That, many said, was the smarter bet. Now, the tables have turned.
Bitcoin slid below $10 000 just three weeks after surging above it for the first time in more than a year as US legislators expressed deep scepticism about the viability of cryptocurrencies.
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South African online payments provider PayFast is ditching bitcoin as a payment method, saying the cryptocurrency has several “limitations and design flaws that make it an impractical substitute for cash”.
Bitcoin slumped in another large weekend move after US President Donald Trump’s criticism of cryptocurrencies late last week put the focus back on this year’s jump in prices.
Facebook’s foray into digital currencies risks reversing gains in privacy and user sovereignty won by computer networking pioneers, according to one of the co-founders of ethereum.
Japanese cryptocurrency exchange Bitpoint suspended all services after losing about ÂĄ3.5-billion (R445-million) in a hack that involved ripple and other cryptocurrencies.
President Donald Trump on Thursday night warned Facebook over its plan to create a digital currency, the libra, a move that poses a new obstacle to the company’s cryptocurrency ambitions.