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FX.co ★ Bitcoin rallies amid economic uncertainties

Bitcoin rallies amid economic uncertainties

Bitcoin rallies amid economic uncertainties

Amid uncertainties of the global economic outlook in 2017, bitcoin once again attracted investors’ attention. The last year was quite eventful for the world's financial markets, and by the end of the year the virtual currency began to strengthen rapidly. Bitcoin hit a fresh all-time high of $1,000 and continues to grow. Since the beginning of 2016 the currency has risen by 86.5 percent, becoming one of the most profitable assets.

Donald Trump's victory encouraged a further rally of bitcoin. Deutsche Bank CEO John Cryan considers bitcoin the new gold, because the cryptocurrency goes up each time in response to any market risks. Cryan is sure that when the time comes bitcoin will replace the paper currency, as the paper money replaced gold in the past. Moreover, bitcoin is one of the most popular virtual currencies, but not the only one. Each time a bitcoin rally triggers speculations about the need for alternatives. The world's largest banks, including industry giants such as UBS, Deutsche Bank, Santander and BNY Mellon, develop their own digital currencies. Executives of these companies always have to look one step ahead in order to stay among the industry leaders, and they are confident that virtual currencies will soon become a new standard for transactions.

“Today trading between banks and institutions is difficult, time-consuming and costly, which is why we all have big back offices,” Julio Faura, the head of R&D and innovation at Santander, said.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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