Bitcoin is now up almost 35% since the August 1st fork, and up over 90% from the mid-July fork-fears panic low. Buying was heavy in the overnight Asian session but surged once again this morning, seemingly after US CPI data disappointed, lifting the price to a new record high of $3547.
As we noted earlier, "The real demand for bitcoin will not be known until a global financial crisis guts confidence in central banks and politicized capital controls. "
This is Bitcoin's best week since pre-Brexit anxiety sent the virtual currency surging in June 2016...
Coinbase CEO Brian Armstrong noted: “Digital currencies are having their ‘Netscape’ moment...The pace of innovation has been accelerating and we are now seeing exciting projects and companies being built on top of digital currencies.”
As CoinTelegraph also notes, recent tension between the US and North Korea has played its part on the global market, rattling some of the major asset classes. However, not being pegged, or controlled by any centralized force, Bitcoin was totally unaffected by the news.
Cryptocurrencies are famous for their volatility, but the non-correlation between the global market slipping and cryptocurrencies mostly staying up shows that these decentralized forms of currency won’t be affected like traditional assets.