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Bitcoin Jumps 10 Percent But Aussie Crackdown Looms

Cryptocurrency bitcoin jumped more than 10 percent last week, with analysts putting the spike down to growing optimism over the adoption of cryptocurrencies following Facebook’s unveiling of its own offering- the Libra digital coin.

However, some analysts Down Under believe that market growth in Australia may be curtailed by the current crackdowns on crypto-currencies by the Australian Federal Police and the Australian Tax Office (CDN, Monday).

Bitcoin hit US$11,247.62 on the Bitstamp exchange on Sunday, its highest since March last year, but pulled back to settle around $11,039.

Analysts say Bitcoin usually rallies ahead of the cryptocurrency’s next halving, which will take place in May 2020.

Bitcoin technology was designed so that the reward for bitcoin miners is cut in half every four years, in order to keep a lid on inflation.

The current mining reward is 12.5 bitcoins, but this will drop to 6.25 bitcoins in 2020.

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