Just last week we noted that the cryptocurrency was quietly surging towards record highs once again as the debacle in Washington, China’s comments on the USD, and Baidu’s acceptance of Bitcoins all interplayed to disrupt what many called he end of Bitcoin following the shuttering of Silk Road. Just yesterday, Bitcoin rose to almost USD235, within touching distance of April’s record high… but then this morning, it collapsed to under $175 (as its liquidity reflected NFLX not global FX). The last couple of hours have seen the price bounce back to $210, but if you like high-beta vol, then Bitcoin is the new TSLA…
The blip from Silk Road is almost invisible… as BTC rose to near record highs…
and then collapsed today…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/1ksWqsd_UGI/story01.htm Tyler Durden