Bitcoin Bounces Back, Tests $700

Bitcoin for Beer

Bitcoin is up more than 10% today as investors shrug off the collapse of Mt. Gox, the once dominant Bitcoin exchange that recently lost more than $400 million in Bitcoin to cyberhackers.

Bitcoin Price Chart 3-3-2014Could this bounce in Bitcoin be linked to he events in Ukraine? More likely, the strengthening of the digital currency is centered around the massive Currency War that has broke out between the Federal Reserve and the rest of the world; including Russia, which recently raised its prime rate by 1.25%, a massive salvo in the effort to protect the Ruble as geopolitical tensions mount worldwide.

Meanwhile, Gold and Silver are up today by 2.3% and 1.2% respectively, and double-digits for the year.

 

StumbleUponEmailDiggWordPressPrint

Got anything to add?