New York Bitcoin is on a tear: The price of one bitcoin is now trading just above $11,500, the highest level in about a year. Bitcoin has surged more than 60% in 2020 and is up more than 180% from its mid-March lows of about $4,000.
What's driving the bitcoin spike? Experts say much of it is due to the weakness in the US dollar. The dollar has plunged in recent months on expectations that the Federal Reserve will keep interest rates near zero for years as a result of the financial disruption from the Covid-19 pandemic."It's a flight to safety," said James Putra, head of product strategy for TradeStation Crypto. Of course, safety is a relative term these days.
Novogratz: Now is 'perfect timing' for bitcoin 03:57At some point, institutional investors might cash in some of their bitcoin chips to take advantage of what Nick Cowan, CEO of GSX Group, dubbed an"obscene" rally since bitcoin bottomed in March."There is a herd who is in love with bitcoin that keeps pushing it higher.
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