Bitcoin is “close to bottoming” and could rocket according to an expert

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Bitcoin is “close to bottoming” according to Spencer Bogart, a Partner at Blockchain Capital - a venture capital company that invests in blockchain related companies. And this week’s surge in price against the US dollar could fuel its climb. Mr Bogart said on Friday: "We're down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market.” Bitcoin surged 0.21 percent against the US Dollar on Friday with highs of $6641 (£5,062)

The cryptocurrency opened the day yesterday at $6590 (£5,022) and is currently fluctuating at around $6,561 (£5,000). Bitcoin has had a good week, hovering at around $6,600 (£5,030). But like most cryptocurrencies, Bitcoin is an unpredictably volatile asset and sometimes experiences huge ranges in its price over very short periods of time. On Wednesday, TD Ameritrade announced a strategic investment in an exchange called ErisX, which offers two different types of investment - Bitcoin spot and futures trading.

"We're down about 70 percent from our highs, so I think that bitcoin is close to bottoming"

High-speed trading company Virtu Financial will back the exchange. On Thursday, cryptocurrency index fund leader Bitwise Asset Management announced an investment from billionaire Ric Edelman. And on Friday, David Swensen, who's known as Yale's Warren Buffett, invested in two venture funds dedicated to cryptocurrency for the first time. Mr Bogart added: ”Towards the end of last year, when we were in the peak of this bull market, bad news seemed to have no effect on the markets.

Bitcoin surged 0.21 percent against the US Dollar on Friday

“Now we are seeing the other side of that, when we have a week of news with TD, Ric Edelman and Yale, and it has almost no effect on price.” The former Bitcoin analyst and Vice President at Needham, said the developments were ”important building blocks to leading more institutional capital into the space." "I think it's going to take a little bit of time, but each of these news items is a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market.” Bitcoin had a year to remember in 2017, starting at around $800 (£610) before steadily surging before reaching an all-time high of $19,783 (£15,078) on December 17th.