Bitcoin Surges 7.1% to $55,163

Bitcoin surged 7.11% to $55,162.92 at 20:01 GMT on Wednesday, up $3,661.73 from its previous closing price.

The world’s largest and most prominent cryptocurrency inched up 98.9% from its January 4 year low of $27,734.

Bitcoin surged to its highest level in five months on Wednesday, driven in part by market sentiment following news that a hedge fund controlled by billionaire George Soros is trading in bitcoin.

Investors also expect a seasonal rally in cryptocurrencies in the final quarter of the year.

In addition, U.S. Bancorp has established a cryptocurrency depository service for institutional investment managers holding private funds in the U.S. and the Cayman Islands.

Ben McMillan, chief investment officer at IDX Digital Assets, factor-based crypto-index strategy, said that based on an analysis of on-chain data, he is seeing a steady rise in the number of new Bitcoin addresses after a huge drop in the first half of the year, coupled with a growing number of Bitcoin moving off-exchange.

New addresses and Bitcoin moving away from the exchanges are important clues.

Meanwhile, Ether, the coin linked to blockchain network Ethereum, rose 2.15% to $3,591.72 on Wednesday, up to $75.63 from its previous closing price.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web