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Bitcoin pulls back from 18-month high after a 10% weekend jump off

FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, USA, on January 4, 2018. REUTERS/Lucy Nicholson/File Photo

LONDON (Reuters) – Bitcoin is pulled back from 18-month highs on Monday, after a jump of more than 10% over the weekend, with analysts attributing the spike to a growing optimism about the adoption of cryptocurrencies, after Facebook announced the availability of the weighing Scale, digital currency.

The largest cryptocurrency has touched $11,247.63 on the Bitstamp exchange is on Sunday, the highest since March of last year. On Monday morning, it had pulled back from that high, and it was last down 0.5% at $10,786.

Mati Greenspan, an analyst at eToro, said the gains have underscored the optimism of private investors about moves by major firms to adopt cryptocurrencies.

“Traders continue to speculate as to the future involvement of the big players, like Facebook,” he said. “It is believed that the Scale will be to create a mass awareness of cryptocurrencies, and will serve as an entry point to the show.”

Facebook has announced an ambitious plan last week for the launch of a new global cryptocurrency, called a Scale.

Report by Tom Wilson; Editing by Tommy Wilkes

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