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Bitcoin Soars Above $5,000 on Hard Fork Dividend Talk, Korean Buying

Bitcoin Soars Above $5,000 on Hard Fork Dividend Talk, Korean Buying

2017-10-12 09:08:00
Nick Cawley, Strategist
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Talking Points

- Bitcoin blows through the $5,000 ceiling as the Bitcoin Gold fork nears.

- Korean Won buyers continue to push the market ever higher.

The DailyFX Bitcoin Glossary is designed to provide traders with a continually updated reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC) Sets Yet Another All-Time High

The digital market heavyweight continues to climb ever higher as investors look ahead to the Bitcoin Gold hard fork near the end of October. We discussed the potential for a new, free coin during Wednesday’s Bitcoin Webinar, although it still remains to be seen if the new token has any substantial value. Recall that the last Bitcoin hard fork produced a new coin, Bitcoin Cash, which quickly traded up around the $900 level before falling steadily back to its current level around $300.

And the continued buying seen from Korea is helping BTC to move ever higher. A look at the average 24 hour price at various global exchanges shows how Korean Won traders are paying a hefty premium to buy BTC compared to other exchanges. Yen and Won denominated buyers have taken up the slack left after the Chinese authorities clamped down on crypto-currency trading.

Bitcoin Soars Above $5,000 on Hard Fork Dividend Talk, Korean Buying

Chart: Bitcoin (BTC) Price Daily Timeframe (July 5 – October 12, 2017)

Bitcoin Soars Above $5,000 on Hard Fork Dividend Talk, Korean Buying

DailyFX analyst Michael Boutros sees BTC targeting the $5375 level in the short-term.

I will be discussing all things Bitcoin and Ethereum every Wednesday at 12:00 pm – if you would like to join me, please click here.

Market Moves/Top 8 Capitalizations – October 12, 2017

Bitcoin Soars Above $5,000 on Hard Fork Dividend Talk, Korean Buying

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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