WHY IS BITCOIN TRADING HIGHER THIS MORNING? 2 REASONS:

(1) FINANCIAL TIMES ARTICLE: Bitcoin is edging higher this morning helped by a article in the widely followed European equivalent of the Wall Street Journal publication known as the Financial Times.  The article briefly touches on how some global banks initially dismissed the legitimacy of Cryptocurrencies specific Bitcoin.  The article goes on to outline the increasing interest by big banks to provide vital custodian service to institutional investors for crypto trading purposes.  Simply put, the article helps to further the narrative that Cryptocurrencies will mature and  eventually become an investable alternative assets.

(2) CURRENCY CONTAGION:  The unfortunate volatility witnessed in Turkey has led to a contagion effect for other currencies.  Poor monetary policy by its Central Bank has led to a dramatic weakening of the Turkish Lira. Theoretically, a beneficiary of growing currency crisis is Bitcoin. The reason for this if course is that Bitcoin is not directly influenced by any global central bank and therefore may be considered a safe haven, such as gold.