Bitcoin Surges 7.1% to $55,163

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Bitcoin surged 7.11% to $55,162.92 at 20:01 GMT on Wednesday, up $3,661.73 from its previous closing price.

The world’s largest and most prominent cryptocurrency inched up 98.9% from its January 4 year low of $27,734.

Bitcoin surged to its highest level in five months on Wednesday, driven in part by market sentiment following news that a hedge fund controlled by billionaire George Soros is trading in bitcoin.

Investors also expect a seasonal rally in cryptocurrencies in the final quarter of the year.

In addition, U.S. Bancorp has established a cryptocurrency depository service for institutional investment managers holding private funds in the U.S. and the Cayman Islands.

Ben McMillan, chief investment officer at IDX Digital Assets, factor-based crypto-index strategy, said that based on an analysis of on-chain data, he is seeing a steady rise in the number of new Bitcoin addresses after a huge drop in the first half of the year, coupled with a growing number of Bitcoin moving off-exchange.

New addresses and Bitcoin moving away from the exchanges are important clues.

Meanwhile, Ether, the coin linked to blockchain network Ethereum, rose 2.15% to $3,591.72 on Wednesday, up to $75.63 from its previous closing price.

For more information, read both the original stories in Reuters. 

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