Rapid bitcoin rally cheers crypto market investors, others wary

LONDON (Reuters) - Bitcoin hit its highest level in 10 months on Tuesday, raising hopes among cryptocurrency enthusiasts of greater mainstream acceptance as an escalating U.S.-China trade war roiled global markets, but others urged investor caution. Bitcoin, which lost three-quarters of its value in 2018, has soared by 24% since Friday and more than doubled in price so far this year. At 1612 GMT it was up 0.8% at 7,874.. There was no obvious reason for the sudden rise with the opacity of cryptocurrency markets rendering it virtually impossible to prove or disprove any theories. Some traders said investors moved money to bitcoin, treating it as a safe haven as traditional financial markets stumbled on fears that a worsening Sino-U.S. trade dispute could derail the global economy. But none of the four traders that Reuters spoke to could produce evidence to support that claim. “Some say buying bitcoin could be…

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