Bitcoin Tapping at 6,000, Traders Ignore Pitfalls

Bitcoin Tapping at 6,000, Traders Ignore Pitfalls

Bitcoin Tapping at 6,000, Traders Ignore Pitfalls

$BTCUSD

Bitcoin closed in on another milestone Friday, as the digital currency approached $6,000 for the first time to put its gain in 2017 to more than 500%, and is currently trading at 5,974.01, +342.94, or 6.09% on the day.

As Bitcoin continues rise, people are speculating that the rise could be driven by everything from a cash shortage in Zimbabwe to an increase in margin trading.

1 thing is for sure, it is speculation playing in the digital token’s latest run.

The drive North comes 3 days after Bitcoin saw its biggest 1-day fall in a month on rising concern that regulators are increasingly targeting digital currencies. It it added almost 500 in value in the past 2 days while marking a record high.

The end-of-week rally is another sign that the threat of oversight will/is not dampening enthusiasm for digital currencies.

Bitcoin shrugged off China’s move to tighten its grip on trading, extending an 8X+ increase over the past year.

Recently, the US Commodity Futures Trading Commission (CFTC) released a primer on virtual currencies, reiterating its view that virtual tokens can fall under its authority.

The US Securities and Exchange Commission (SEC) has already said tokens from some ICOs can be deemed securities under its oversight.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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