Bitcoin’s price climbed above $15,000 on Thursday, hitting a level not seen since January 2018 amid U.S. presidential election uncertainty.
The world’s best-known cryptocurrency was last trading almost 9% higher at a price of $15,233, according to data from industry website CoinDesk.
“Bitcoin’s creation was in part due to fears that increased fiscal stimulus is devaluing currencies globally,” said Simon Peters, a cryptoasset analyst at investment platform eToro. “As a result, when central banks announce extensive plans to pump money into economies, many investors in the crypto community take this as a major bitcoin buy signal.”
Investors are awaiting the latest monetary policy announcement from the Federal Reserve, with the U.S. central bank expected to keep overnight rates close to zero and reiterate the need for more fiscal stimulus.
Read more: https://www.cnbc.com/2020/11/05/bitcoin-price-hits-highest-level-since-january-2018.html