Bitcoin retreats after hitting record high level of $2,185

Haresh Menghani FXStreet

Bitcoin extended its recent monstrous rally and surged through $2,000 and $2,100 mark on Monday. The cryptocurrency traded as high as $2,185, gaining in excess of 9.0% for the day, before paring some of its strong gains and retreat back below $2,100 mark.

The recent up-surge over the past one month, from $1200 neighborhood, was led by a rise in trading activity in Japan on news that bitcoin would be considered as 'legal tender' in the country. Today's strong up-move also attributed to a fresh wave of greenback selling pressure, with the key US Dollar Index slipping below the 97.00 handle to fresh six-month lows.

Monday's gains also followed news that Ledger Holdings, the parent company of the bitcoin options exchange LedgerX, closed $11.4 million in new financing. LedgerX awaits regulatory approval from the Commodity Futures Trading Commission to operate as the first US regulated exchange and clearing house for the virtual currency.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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