Bitcoin jumps to fresh record near $1,900 amid increased political risk

The digital currency bitcoin jumped to a fresh all-time high Thursday as global investors looked for safe haven trades. Increased interest from Asia also helped boost the digital currency.

Bitcoin rose more than 3.5 percent to hit a record of $1,875.08, according to CoinDesk.

One of the reasons for the move was “buying as a hedge against political chaos,” said Brian Kelly, CEO of BKCM, which runs a digital assets strategy.

Bitcoin three-month performance

Source: CoinDesk

Major stock markets dropped in the last two days as separate reports of potential scandals in the U.S. and Brazilian presidencies rattled investors.

The S&P 500 fell Wednesday in its worst day since September on growing worries that U.S. President Donald Trump might face legal issues and not be able to fulfill his promises of tax reform, deregulation and infrastructure spending. A late Tuesday night report alleged Trump asked recently fired FBI Director James Comey to “let go” of an investigation into former national security advisor Michael Flynn.

Then Wednesday evening in Brazil, the O Globo newspaper reported that Brazilian President Michel Temer in March allegedly discussed bribing former House Speaker Eduardo Cunha to prevent him from testifying about a massive corruption case.

The Brazil Bovespa plunged more than 8 percent Thursday in its worst day since October 2008. U.S. stocks steadied Thursday.

Temer said Thursday afternoon that he will not resign and he will prove his innocence in the Supreme Court, according to a Reuters report.

Comments

comments

Filed in: Mainstream Bitcoin Tags: ,

You might like:

Bitcoin Cash Price Nears $1,000 as Breakout Continues Bitcoin Cash Price Nears $1,000 as Breakout Continues
10 Reasons Why Central Banks Will Miss the Cryptocurrency Renaissance 10 Reasons Why Central Banks Will Miss the Cryptocurrency Renaissance
Bitcoin's exploding value: what's it all about, should I invest – and is it just a bubble? Bitcoin's exploding value: what's it all about, should I invest – and is it just a bubble?
Bitcoin Prices Retreat Toward $4,000 While Bitcoin Cash Soars Bitcoin Prices Retreat Toward $4,000 While Bitcoin Cash Soars
One of Wall Street’s Biggest Stock Bears Ratchets Up His Bitcoin Forecast to $6,000 One of Wall Street’s Biggest Stock Bears Ratchets Up His Bitcoin Forecast to $6,000
Bitcoin Price Plunges to $3,966 as Bitcoin Cash Hits All-Time High Bitcoin Price Plunges to $3,966 as Bitcoin Cash Hits All-Time High
Bitcoin Prices Retreat Toward $4,100 While Bitcoin Cash Soars Bitcoin Prices Retreat Toward $4,100 While Bitcoin Cash Soars
Making Sense of Cryptoeconomics Making Sense of Cryptoeconomics
© 2017 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.