Bitcoin surges forward

Bitcoins price is surging forward towards $13,000 per coin.

Bitcoin has recently been boosted by new information regarding Facebooks new cryptocurrency offering.

Bitcoin has now increased in value for 8 trading sessions in a row bringing its total overall return to more than 250 per cent. This is more than 12 times the return of the next best currency or commodity.

Ethereum is also up over 150% this year.

Investors have seen Facebooks move into the realm of crypto has an attack on the payment industry with positive ramifications for crypto rather than direct competition.

The demand for crypto is also being fueled by a change in attitude by the worlds largest central bank. Both the US Federal Reserve and European Central Bank have suggested that they will lean more towards monetary easing in the coming months due to signs the economy is cooling. Negative yielding bonds have reached a record high of $13tn US dollars globally increasing the appeal of assets such as gold and bitcoin

Political unrest also appears to be a factor in Bitcoins rise. US tensions with Iran continue to rise whilst in Hong Kong, millions of protesters took to the streets in anti-government protests.

How long this can continue for we don’t know. However, at least for now it seems that Bitcoin is going to party like its 2017.

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