Bitcoin Continues Surge – More to Come?

Today’s big news in the bitcoin world – the arrival of the long-awaited hard fork – was greeted positively by bitcoin buyers.  The price of a single coin rose to the $2,450 level at mid-day. That marked yet another all-time high and the ninth straight day of gains.

Ethereum ($190), Litecoin ($34), Dash ($151) and Monero ($57) all saw solid price increases today as well. Ripple was the only down note at mid-day, slumping slightly to $0.310801.

Beyond the hard fork, Moody’s gloomy prognosis for China’s economy, and rumors of a positive review of an appeal by the Winklevoss twins on their bid for a US exchange-traded fund, also may have been factors in the continuing price climb.

Bitcoin broke  the magic $2,000 per single coin mark on Saturday, and has kept that momentum since a a temporary retreat sparked by the worldwide ransomeware attacks and bitcoin’s ties to same.

The long rally floor toward today’s bitcoin all-time high was achieved on March 10, when it topped the $1,300 mark for the first time. A disappointing ruling by the US Securities and Exchange Commission on the Winklevoss twins’ bid to establish an exchange-traded fund briefly drove down the price to the mid-$900 range. Since then, it has increased an estimated 40 percent.

Increased worldwide trading, Japan’s legalization of bitcoin as a monetary unit, and improved outlooks from Russia and India toward easing regulations in those countries have been cited as reasons for the rally. In the US, the SEC said it will review its decision to deny the Winklevoss exchange-traded fund, also sparking some optimism. The deadline for comments to the SEC in support of its decision or against the denial was May 15./