Bitcoin's first US$1000 weekend jump since 2017 marks 9-month high


It's hard to ascertain what has caused Bitcoin's price to surge in recent weeks, but as always speculation has been rife.

In a day that saw the price of bitcoin reach 10-month highs, and the amount of bitcoin inflows added to Grayscale's trust product reach all-time highs signaling rising institutional demand, it was CME bitcoin futures that punctuated the extent of an institutional driven rally.

Price of the cryptocurrency has nearly doubled this year. But it is too soon to declare bitcoin as a safe-haven asset, they said. The companies behind the digital exchange Bitfinex and the cryptocurrency Tether recently said that the so-called stablecoin is backed by cash and short-term securities only equal to 74 percent of the outstanding coins rather than completely pegged to the US dollar.

Another boost to the market is likely Samsung's announcement in February that its flagship smartphone, Galaxy S10, is the first of a few phones updated for the cryptocurrency era, according to a company press release.

"The largest crypto gathering in the world is going on right now, Consensys, and there's Bakkt announced their futures product is going to be up and running in July", said Travis Kling, founder of the Los Angeles-based crypto hedge fund Ikigai.

But so far on the year, bitcoin has been up a sparking 119%.

Now trading a $7,805.10, current figures represent a more than 37 percent increase in the past 7-days alone.

"Maybe we've seen Bitcoin recapture some the previous FOMO behavior", he said in emailed remarks to Bloomberg.