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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.