LONDON — Bitcoin is at a one month high against the dollar on
Sunday as it continues to rise.
Bitcoin
is up 2.3% to $4,538.90 at 3.30 p.m. BST (10.30 a.m. ET):
It marks the first time bitcoin has been above $4,500 since early
September and continues a rally that began on Thursday.
Commenting on the rally on Friday, Mati Greenspan, a senior
market analyst at trading platform eToro, said: “European
regulators have been cracking down on all things crypto lately
and are considering introducing more regulatory framework that
could hamper the growth of blockchain based assets.
“On the other hand, Brazil’s biggest financial firm [XP
Investimentos] has announced that they plan to add bitcoin
trading for their clients. In Japan, where Bitcoin has been fully
legalized as of April, a large energy supplier called Remixpoint
has now added the option for their clients to pay in Bitcoin.
This move is actually very strategic, not as much for retail
customers as for corporations.”
The rally also corresponds with renewed interest in bitcoin from
investment banks. The Wall Street Journal last week reported that
Goldman Sachs is looking at setting up a bitcoin trading
operation and Morgan Stanley CEO James Gorman said recently
that the
cryptocurrency is “certainly more than just a fad.”