Topic: [2017-06-12] Bitcoin bulls runs wild as cryptocurrency surges above $3,000 (Read 2009 times)

- Bitcoin traded above $3,000 for the first time, helped by increased demand from Asia-based investors.
- The cryptocurrency climbed to an all-time high Sunday of $3,012.05, according to CoinDesk.
- Bitcoin has now more than tripled in value since trading at $968 on Dec. 31, and has gained nearly 30 percent in June alone.


Bitcoin traded above $3,000 for the first time on Sunday, continuing this year's massive surge and helped by increased demand from Asia-based investors.

After trading in a range for the last week, bitcoin climbed to an all-time high Sunday of $3,012.05, according to CoinDesk.

On Chinese exchanges such as BTCC, the currency traded about $40 to $60 above that price. Last week, several major Chinese bitcoin exchanges allowed customers to resume withdrawals of the cryptocurrency, after halting withdrawals in early February amid scrutiny from the People's Bank of China.

Brian Kelly, CEO and founder of BKCM and a CNBC contributor, told CNBC this week that the cryptocurrency was "in the first years of what is likely to be a multi-year bull market. Of course there will be corrections and even crashes along the way, but bitcoin is here to stay."

A contributing factor to bitcoin's recent surge is growing demand from Asia. In addition to the China factor, Japanese interest has risen ever since the government approved bitcoin as a legal payment method in April.

Investors also plowed more money into the currency after Minneapolis Federal Reserve President Neel Kashkari commented on the blockchain technology behind bitcoin, saying it "has more potential than bitcoin itself."

Full article with charts: http://www.cnbc.com/2017/06/11/bitcoin-bulls-runs-wild-as-cryptocurrency-surges-above-3000.html