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Crypto Prices Rebound; Bitcoin Records Fourth-Straight Monthly Gain

Jun 3, 2019 17:53
© Reuters.

Cryptocurrency prices rebounded on Monday in Asia, with Bitcoinrecording its fourth-straight monthly gains following rallies for most of the month.

Bitcoin gained 0.3% to $8,598.6 by 1:44 AM ET (05:44 GMT). It reached above the $9,000 mark on Thursday.

"On a go-forward basis, bitcoin probably consolidates somewhere between $7,000 and $10,000,” Galaxy Digital CEO Mike Novogratz told Bloomberg in an interview.

Meanwhile, some analysts said the sharp rebound in Bitcoin prices could soon fizzle.

Peter Schiff of Euro Pacific Asset management said the crypto market has “an abundance of fake buying sentiment.”

“The cryptocurrency serves neither the purpose of money nor a store of value,” Schiff said.

Bitcoin has seemingly gained the role of a safe-haven asset recently, but Schiff said eventually central banks and investors will turn back to gold because of its “historical significance as money for thousands of years.”

“Central banks are buying gold; they are not buying bitcoin because gold is money,” said Schiff. “We are in the biggest bubbles that the central banks have ever blown,” he said. “And when it gets popped, the 2008 economic crisis will appear like a Sunday school picnic. Then, people will figure out why gold is important,” he added.

Other cryptocurrency prices also gained today.

XRP surged 4.1% to 0.45193, while Litecoin rose 1.4% to 114.587.

Ethereum slipped 0.1% to 266.6.