Bitcoin price soars on Asia buying, dollar weakness

Bitcoin traded at $9,350 this morning up more than $400 from its 24-hour low.

Looking at global movement, much of the buying is out of Hong Kong, which is a proxy for China. BTC has been used as a hedge on the upcoming currency changes in China as well as the rest of Southeast Asia.

Gold prices this morning rallied back as dollar weakness continues. As I said late last week look for the dollar to break below 95 on the index sending alternative investments higher.

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