Yahoo Finance Market Snapshot – Bitcoin Prices Surge Higher
Bitcoin Prices Threaten All Time Highs
Bitcoin prices have been staging one of the biggest turnarounds in its short history after being hit severely by the action from the Chinese regulators banning ICOs and bitcoin exchanges as well. This action led to a 20% drop in the bitcoin prices in a matter of few days. But since then, the prices have been recovering in a slow and steady manner and now the prices seem to have gained momentum since the beginning of the week. The prices are trading near their all time highs and so far, it looks as though it is only going to be a matter of time before the prices break through this region and head towards $5000. It is just a reaffirmation that this market is here to stay and that it is going to be unavoidable to stop the bitcoin market in its track. It also explains the extent of maturity in the market as bitcoin and its underlying technology begin to be used for a variety of purposes.
Dollar on the Backfoot
The market has returned back to full liquidity today after the holiday in Japan, US and Canada yesterday and since morning, the dollar has been on the backfoot. The manufacturing production data from the UK came in today and this came in stronger than expected which has helped the pound to climb higher and has also helped to boost the stocks in the UK. This weakening in the dollar is likely to continue through till tomorrow when the FOMC minutes are to be released.
This article was originally posted on FX Empire
