Bitcoin Powered by Strong Institutional Demand Surges Above $77,000
· Business · Fortune, LiveMint, CNBC
Bitcoin's price surged from $60,000 to over $77,000 on Friday, breaking a stagnant trend due in part to heavy purchases of Treasury securities by the U.S. government and cryptocurrency-related actions by President Donald Trump. The last time bitcoin hit this high was on January when it briefly traded around $95,000 after which it saw a prolonged decline till the end of June. Gold also surged alongside bitcoin to $4,661 after reaching a high of $5,300 in January and a low of around $4,000 in June.
Why it matters
The surge in prices provides an opportunity for bitcoin supporters and investors who have borne losses in recent months.
Read the original report — Fortune
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