Stocks Are Tumbling, But Bitcoin Is Up 30% In One Week
While stocks are showing considerable volatility as the U.S. and China begin rattling their trade sabers again, cryptocurrencies are getting a second life with investors.
The Dow Jones Industrial Average has oscillated up and down for the past five days, ultimately losing roughly 1,000 points. On Monday, as China announced plans to raise tariffs on $ 60 billion worth of U.S. goods, the Dow was down a whopping 562 points, as of 10:55am ET.
Bitcoin, though, is up more than 7% today—and has increased more than 30% in the past week, jumping from $ 5,711 to $ 7,516, according to CoinDesk. All other major cryptocurrencies are showing gains Monday, as well.
Bitcoin, in particular, is on something of a run lately. The crypto has seen prices rising steadily most of the year, crossing psychological thresholds of $ 4,000, $ 5,000, $ 6,000 and $ 7,000 since Jan. 1.
That comes as more and more retailers have begun accepting the digital currency. Whole Foods, Nordstrom and Crate and Barrel are among the latest. The currency has also withstood accusations from New York’s attorney general that notable exchange Bitfinex has used illicit transactions to mask $ 850 million in missing funds.
Bitcoin hasn’t seen prices this high since last July and prices for the crypto have more than doubled since mid-December.
The surge is notable, but it’s still far short of Bitcoin’s all time high. In December 2017, the price for the cryptocurrency topped $ 17,000.
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