Is Bitcoin in a Bubble?
Bitcoin was back in the news this week, after another strong rally to a new all time high of $2760 on May 25, 1430 UCT. Bitcoin continues to prove critics wrong and rope in new investors, speculators, news anchors and traditional wall street money. ABC news Australia had a news segment 3 days in a row, showing Bitcoin alongside gold, brent oil, iron ore and major currencies. Fidelity, a $2.2 trillion asset management company, revealed it was mining bitcoin and was gradually getting into digital currencies. All these happened despite a widening rift in the community on how to scale Bitcoin, which has led some to speculate on an impending bubble top.
Like expert trader Paul brandt, who likened the current peak highs to silver in 1980. Or, ex-Goldman Macro investor Raoul Paul, who admitted liquidating his bitcoin holdings over the current scaling deadlock. The altcoin currency frenzy has not softened the cushion
After peaking at $2700 on Bitstamp on Thursday, Bitcoin declined sharply to
Read more ... source: TheBitcoinNews
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