[2017-03-07] Moneycontrol: Bitcoin On The Move

Bitcoin On The Move

http://www.moneycontrol.com/news/rupee/bitcoin-on-the-move_8608261.html

The value of digital currency Bitcoin surged to $1290 on news that the US Securities and Exchange Commission is likely to approve the first bitcoin based ETF as early as March 11. Bitcoin has gained over 33 percent this year and achieved our target of $ 1216 set out in the Mecklai Graph of the week dated on 29th December 2016.

The currency has steadily rallied after US President Donald Trumps election and investors belief that Trumps economic plan will increase spending, which would grow the US economy. Indias bank note ban and Chinas crackdown on outflows also saw many investors moving into Bitcoin to shield themselves from currency devaluation and cash shortages in the market.