Investors Aren’t Giving Up On Bitcoin
OK, it’s time to dig into the reason for bitcoin’s surging price moves. The digital currency is up just under $1,000 in the past week.
While it was easy to attribute earlier rises to gamers, or to nefarious dark Web sites trading in drugs, weapons and sex, or, last year, to Chinese investors looking to move cash out of the country, these latest moves — bringing the price to more than $2,750 — are from far more deep-pocketed investors.
And that’s who is coming into the market — investors looking to capitalize on these daily 5- to 10-percent jumps.