Bitcoin up 10% today
Bitcoin is having a big day.
It hit $9420 today, climbing more than 10% and reaching the best levels since May 2018. It’s been a remarkable run since early April with prices up more than 127%.
Technically, there’s no doubt that it’s all about $10,000 now.
The catalysts on the weekend were Facebook announcing broad support for its cryptocurrency. JPMorgan also released a report saying bitcoin futures may be more important than many in the market appreciate.
The thinking is that much of the reported bitcoin trading is fake and an estimate from Bitwise that as little as 5% of activity may be genuine trading. That would peg ‘real’ trading at $36 billion compared to $12 billion in bitcoin futures.