Bitcoin Hits Strongest Level Since May

Bitcoin Hits Strongest Level Since May

NEW YORK, Oct 6 (Reuters) – Bitcoin surged on Wednesday to its highest level in five months, as market sentiment continued to improve due in part to news a hedge fund controlled by billionaire investor George Soros trades bitcoin. Investors also expect a seasonal rally in cryptocurrencies this quarter. The world’s largest cryptocurrency in terms of market value rose to $55,499.96, its highest since mid-May. It passed the $50,000 mark for the first time in four weeks on Tuesday amid, among other things, mounting institutional interest.

Bitcoin was last up 6.3% at $54,750.

According to reports on Wednesday, Soros Fund management confirmed at a Bloomberg summit that the fund is trading bitcoin. “We own some coins – not a lot,” Dawn Fitzpatrick, the fund’s chief executive, was quoted as saying.

There are seasonal factors as well.

“Bitcoin performs historically well in October, which almost makes the rising … price now a self-fulfilling prophecy. I’ve been saying repeatedly since the summer that I expect a new all-time high in October,” said Ruud Feltkamp, CEO of cloud-based automated crypto trading bot Cryptohopper.

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Source: Reuters

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