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Reliance Trading Co. Limited – Bitcoin Bouncing Back – Cryptocurrency Back above $8,000
Bitcoin soared to the highest level in a year, extending a run that's seen prices more than double since March.
By: Reliance Trading Co. Limited
Crypto proponents are taking encouragement from a string of recent headlines showing greater interest in the space from mainstream firms. Fidelity Investments is finalizing plans to buy and sell the digital asset for institutional customers, and E*Trade Financial Corp. is poised to allow crypto trading. AT&T Inc. said it will permit customers to use payment processor BitPay to settle their online bills.
Bitcoin is up almost 70% this month despite concerns from JPMorgan Chase & Co. strategists that its price may have surged beyond its "intrinsic value" -- a concept that not all agree applies to a digital currency.
Bitcoin's fantastic run this year follows a painful downtrend that lasted the majority of last year and saw the digital currency tumble more than 70%. Bulls are betting the run could continue as more institutions start to build out their own cryptocurrencies or launch projects using the underlying blockchain technology.
But the crypto meltdown is still fresh on many investors' minds and not everyone is betting digital assets will become as widely accepted as enthusiasts hope. There are signs the rally is running too hot, wrote Bloomberg Intelligence analyst Mike McGlone in a note. Crypto transactions, for instance, have been lagging the broader rally, indicating caution for additional price increases, he said.
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