Sunday, August 13, 2017

Bitcoin continues its parabolic move higher as cryptocurrency soars above $4000 per coin on Japanese interest

The frenzy within the Bitcoin space has reached parabolic proportions as the price of a single Bitcoin has nearly doubled over the past two weeks to briefly touch $4200 on Aug. 13 before pulling back to just above $4000.

Ever since July of last year, Bitcoin has begun a move to the upside that began small, but since the beginning of the year has turned exponential.  And in part this is because of the limited quantity of Bitcoins available for the millions of Asian traders and investors who are desperate to get out of their own currencies and arbitrage into more stable ones.

The digital currency bitcoin vaulted to a new record high above $4000 on Saturday, boosted by strong Japanese demand on its way to multiplying its value fourfold this year. 
Bitcoin hit an all-time high of$4,225.40 early Sunday before slightly paring those gains to trade near $4,000, according toCoinDesk. 
The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin's market value is now around $64 billion, up about $10 billion in the last week. 
Bitcoin trade in Japanese yen accounted for nearly 46 percent of global trade volume, up from about a third a day ago, according to CryptoCompare. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. Bitcoin trade in Chinese yuan and South Korean won accounted for about 12 percent each. - CNBC

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