Bitcoin surged 7.11% to $55,162.92 at 20:01 GMT on Wednesday, up $3,661.73 from its previous closing price.<\/p>\n\n\n\n
The world’s largest and most prominent cryptocurrency inched up 98.9% from its January 4 year low of $27,734.<\/p>\n\n\n\n
Bitcoin surged to its highest level in five months on Wednesday, driven in part by market sentiment following news that a hedge fund controlled by billionaire George Soros is trading in bitcoin.<\/p>\n\n\n\n
Investors also expect a seasonal rally in cryptocurrencies in the final quarter of the year.<\/p>\n\n\n\n
In addition, U.S. Bancorp has established a cryptocurrency depository service for institutional investment managers holding private funds in the U.S. and the Cayman Islands.<\/p>\n\n\n\n
Ben McMillan, chief investment officer at IDX Digital Assets, factor-based crypto-index strategy, said that based on an analysis of on-chain data, he is seeing a steady rise in the number of new Bitcoin addresses after a huge drop in the first half of the year, coupled with a growing number of Bitcoin moving off-exchange.<\/p>\n\n\n\n
New addresses and Bitcoin moving away from the exchanges are important clues.<\/p>\n\n\n\n
Meanwhile, Ether, the coin linked to blockchain network Ethereum, rose 2.15% to $3,591.72 on Wednesday, up to $75.63 from its previous closing price.<\/p>\n\n\n
For more information, read both<\/a> the original stories<\/a> in Reuters. <\/p>","protected":false},"excerpt":{"rendered":" Bitcoin surged 7.11% to $55,162.92 at 20:01 GMT on Wednesday, up $3,661.73 from its previous closing price.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[124,64],"class_list":["post-13302","post","type-post","status-publish","format-standard","hentry","category-todays-news","tag-bitcoin","tag-ethereum"],"acf":[],"_links":{"self":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/13302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/comments?post=13302"}],"version-history":[{"count":6,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/13302\/revisions"}],"predecessor-version":[{"id":13322,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/13302\/revisions\/13322"}],"wp:attachment":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/media?parent=13302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/categories?post=13302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/tags?post=13302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}