BTC Briefly Climbs Back Above 50K for 1st Time in Six Days

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Bitcoin BTC is trading around 49,444 as of 1237 UTC 737 p.m. ET and cooling slightly, having risen to a 24 hour high above 50,200. The price has gained 6.8 over the previous 24 hours. Bitcoins 24hour range 45,741.7450,213.03 CoinDesk 20. BTC is trading above its 100hour and 200hour averages on the hourly chart, a bullish signal for market technicians.

The push past 50,000 came as the Chicago Board Options Exchanges announced an official filing to list shares of VanEcks BTC exchangetraded fund. Trading volume was strong on Monday, as bitcoins price rose 9.7, the most in three weeks, according to data from the Bitstamp exchange.

We have seen an increase in cryptocurrency offerings from the largest investment banks including bitcoin research, custody, trading, and prime brokerage, said Kyle Davies, cofounder of Three Arrows Capital. I expect these offerings to grow as global investment banks embrace cryptocurrencies.

Source FXPro

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