Bitcoin bulls runs wild as cryptocurrency surges above $3000

Bitcoin bulls runs wild as cryptocurrency surges above $3000

source The Economist

edited by kcontents

Evelyn Cheng | @chengevelyn

Bitcoin traded above $3,000 for the first time on Sunday, continuing this year's massive surge and helped by increased demand from Asia-based investors.

After trading in a range for the last week, bitcoin climbed to an all-time high Sunday of $3,012.05, according to CoinDesk.

On Chinese exchanges such as BTCC, the currency traded about $40 to $60 above that price. Last week, several major Chinese bitcoin exchanges allowed customers to resume withdrawals of the cryptocurrency, after halting withdrawals in early February amid scrutiny from the People's Bank of China.

Source: CoinDesk

The digital currency has had a stellar year, rising by more than 200 percent and easily outperforming stock market benchmarks like the S&P 500 Index and the Nasdaq composite in 2017. The cryptocurrency has now more than tripled in value since trading at $968 on Dec. 31, and has gained nearly 30 percent in June alone.

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http://www.cnbc.com/2017/06/11/bitcoin-bulls-runs-wild-as-cryptocurrency-surges-above-3000.html

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