On Wednesday Aug. 9th bitcoin was trading at around the $3,280 level, rising more than a $1,000 over the last two weeks.
So when President Trump “unleashed” his “fire and fury” warning to North Korea, his remark set up a fast and furious rise of another $1,000 spike to trade at $4,244 Monday morning in New York.
Strong Asian buying over the weekend with Japan taking in almost half of all bitcoin traded over the last two days and South Korea having a stronger than usual presence in the market, according to sales data.
The cryptocurrency has now risen 400-fold in 2017, and is up about 40 percent in August. Bitcoin’s market value is now around $70 billion with roughly 16.5 million of the estimated $21 million coins to be created.
There are hints that US investors are moving in with more vigor as well. US buyers were second-largest block on the coin exchanges over the weekend. Diversification out of securities with the pending gloom of Congress returning after Labor Day potentially derailing the Trump market rally is also a reason.