Investing.com - Major cryptocurrencies moved higher Thursday morning in Asia, reversing earlier losses.
Bitcoin rose 1.10% to $8,680.4 by 01:00 AM ET (05:00 AM GMT) after rising as high as $8,706.9 earlier. Bitcoin has held well above $8,000 since May 27, after spending the first quarter hovering below $4,000.
Ethereum added 5.85% to $284.04, XRP gained 4.01% to $0.45616, and Litecoin was up 4.04% to $117.2.
A report released by the Congressional Research Service (CRS) on Wednesday said cash is being replaced by other traditional financial payment systems but not by cryptocurrencies and called Bitcoin a speculative investment vehicle.
The think tank predicted that less paper money will be used in the future as contactless card payments increase.
“Although price data on Bitcoin illustrates the public interest in and overall demand for this cryptocurrency, it is a poor indicator of how often it is being exchanged for goods and services (i.e., how often it is being used as money),” the report said.
“Certain analyses appear to show that digital currencies are not being widely used and accepted as payment for goods and services, but rather as investment vehicles,” it added.