Bitcoin exchange rate in the global trend added another 4%

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On Monday the bitcoin exchange rate continued to rise, climbing above 11 800 dollars amid broader risk appetite in the financial markets, although without a clear driving force for its upward movement. The bitcoin’s price jumped 4.2% to $ 11 900 in the afternoon on Monday and is trading just below this level.
In recent time bitcoin has come a volatile period, reached the maximum at 13 929,8 dollars. USA in mid-June, compared with 7 888 USD. USA, as a signal the Federal reserve about a possible new cycle of interest rate cuts have undermined the attractiveness of its interest Fiat money.
Mood in relation to the cryptocurrency was positive with the announcement by Deutsche Bank that it would reduce its workforce and balance more than 20% to improve profitability. View of one of the giants of traditional Finance in poor condition encourage those who are willing to claim that cryptography is the true future of Finance.
Other digital coins also rose: Ethereum grew by 4.5% to 307,07 dollar, XRP — by 1.1% to 0,40154 dollar, while Litecoin up 1% to 119,87 dollar. Meanwhile, India became the last country to criticize the project “Stabilan Libra” led Facebook, according to Bloomberg.
The country has already limited the digital currency, prohibiting banks to work with them, and the government is developing a law that would impose fines for using virtual currency. The Minister of economy of India Subhash Garg said that the functionality of Facebook currency was not fully explained. The government of India believes that it is a private cryptocurrency, the inter-state calculations.
Libra is a stable coin, a digital currency pegged to a basket of government-backed currencies. Regulators and analysts around the world claim that it will require much more stringent regulation than Facebook, which has used social network.
In other Asian countries with respect to digital currencies much better. Singapore has developed a plan for the liberation of cryptocurrency from tax on goods and services, if they function as a medium of exchange. This news will eliminate the obstacles to the use of bitcoin in one of the world’s leading financial centers.
The material is provided,
The Company FXOpen