Ever since last September, when we explained that as a result of China’s crackdown on capital controls, the one clear winner (in addition to Vancouver real estate) would be bitcoin, the digital currency has more than doubled in dollar terms, rising from $230 and surging as high as $500 a few months later. Overnight bitcoin, which had traded in a stable range with little of its characteristic volatility in recent months, made its latest breakout, surging nearly 5% from a $440-level, to a fresh 2016 high of $480, and has since retracted the move modestly, trading at $475 at last check.
This pushed bitcoin’s price to the highest since its sharp breakout in early November, when it breifly topped $500.
This post was published at Zero Hedge on 05/27/2016.
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