Bitcoin shoots up over 10% and targets $ 13,000

Bitcoin shoots up over 10% and targets $ 13,000
AtlantisFX | Bitcoin shoots up over 10% and targets $ 13,000

AtlantisFX | Bitcoin has risen more than 10% in Asia on Tuesday and is now close to $ 13,000.

Bitcoin was 10.2% higher at $ 12,645.7 at 05:34 CET.

The reasons for today's price jump is unclear and came despite further negative news about Facebook's new virtual coin called Libra.

Since Facebook (NASDAQ: FB) announced its plan to issue its own cryptocurrency last month, regulators and analysts around the world have argued that Libra needs to be overseen by a global monetary regulator.

Mu Changchun, Deputy Director of the Payment Systems Division of China's Central Bank, told Bloomberg on Tuesday that Libra "cannot be sustained without the support and supervision of central banks."

Mu said his bank has tested Libras code and found that it is in an early stage and its quality is not stable. He also warned that digital currencies could disrupt monetary policy and create exchange rate risks.

He also expressed his concern that Facebook is not committed to the fight against money laundering and terrorist financing.

The European Central Bank also joined the weekend, with Councilor Benoit Coeure, who said Libra was "too dangerous" for the authorities to simply let the currency grow without control.

"It is beyond question to allow those who develop their financial services in a regulatory void that would be too dangerous," Coeure told Bloomberg. "We have to be faster than before."

India also criticized the Libra Stablecoin project.

"The design of Facebook's currency is not really clear," said Economy Secretary Subhash Garg on Bloomberg. "But anyway, it would be a private cryptocurrency and that's not something we'd like to see."

The prices of the other large cryptocurrencies have risen today.

Ethereum gained 3.5% to $ 315.15, XRP rose 2.8% to $ 0.40454 and Litecoin increased by 3.7% to $ 122,747.


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