Bitcoin soars back towards record highs

Despite no specific catalyst, except perhaps some flight to safety seen also seen in precious metals post-Qatar-chaos, the price of Bitcoin is surging once again back towards its record highs.

Having fallen notably early last week, the cyrptocurrency has recovered almost all its losses as it tests back above $2600 this morning.

Catalysts for this jump appear to correspond to MidEast chaos but buying pressure in South Korea and Japan remains strong.

As we noted previously,GBTC (Bitcoin Trust) continues to trade at an extreme premium to the underlying Bitcoin price (but we note it is coming back a little today (trading down from $511 to $500 as Bitcoin rallies).

Courtesy News Republic

Leave a comment