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Bitcoin Eyes $11,000 as Bulls See Positives Ahead

© Reuters.
© Reuters. – rallied on Monday, flirting with the $11,000 level, with bulls seeing reasons for optimism, including expectations for a wave of global central-bank easing and signs the popular crypto continues to move into the world of institutional investors.

rose 3.23% to $10,731 to remain close to its session high of $10,733 after a drop close to the key psychological $10,000 level drew support.

With central bankers set to meet on Thursday at their annual Jackson Hole, Wyo. gathering, investor expectations are running high that they likely will highlight monetary policy easing as a key measure to avert a deeper slowdown in the global economy.

Against the backdrop of moves likely to debase fiat currencies, bitcoin, which also trades against many of these fiat currencies, has been singled out as potential refuge.

The rise in bitcoin also comes as it has continued to pry its way into the world of institutional investors, which many have highlighted as a key driver of the popular crypto’s gains so far this year of about 180%.

Bakkt, a subsidiary of the Intercontinental Exchange, on Friday was given the green light from the U.S. Commodity Futures Trading Commission to launch bitcoin futures next month.

Other cryptos failed to mirror bitcoin’s rally, with falling 3.26% to $0.27876, down 2.13% to $199.88 and losing 1.23% to $76.38.

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