Bitcoin, the original cryptocurrency, had soared to a five-month high on Wednesday, as market sentiment improved following a media headline that said a hedge fund, controlled by billionaire investor George Soros had begun to trade Bitcoin, solidifying the world’s most popular digital currency’s position above a $50,000-mark further.
Aside from that, October is conventionally seen as an offbeat month for global equity indices, which eventually had added to further impetus on investors morale as equity traders were reportedly dumping out assets amid frets over a debt-ceiling debate in the Capitol Hill.
Concomitantly, a number of crypto traders usually contemplated Bitcoin alongside other digital currencies a hedge against higher inflation, while a blistering surge in inflation indicators in the United States had augmented further bullish breeze into the day’s crypto market.
Nevertheless, Wednesday’s crypto market had been almost entirely boosted by a Bloomberg report released earlier in the day that had quoted saying Soros Fund management as saying that the fund had begun to trade Bitcoin, spurring up hopes of a mainstream adoption of Bitcoins.
Besides, speaking at a Bloomberg summit, Soros Fund Chief Executive Dawn Fitzpatrick said in a statement, “We own some coins - not a lot”.
Bitcoin strengthens further above $55,000
Citing statistics, as of Wednesday’s late-afternoon US trading hour, bitcoin was trading 7.29 per cent higher to $55,153.20, while its smaller rival Ethereum rose over 2 per cent to $3,590.80.
Meanwhile, citing Bitcoin’s pluperfect previous performances in October, cloud-based automated crypto trading bot Cryptohopper Chief Executive, Rudd Feltkamp said, “Bitcoin performs historically well in October, which almost makes the rising ...
price now a self-fulfilling prophecy. I’ve been saying repeatedly since the summer that I expect a new all-time high in October. So what is the reason for this new pump? I think it’s partly due to the market cycle we’re in, where the emotional part plays a significant role”.