Bitcoin (BTC-USD) trades at its highest level in a month as the stimulus wildcard in the U.S. hangs in the background. Within the last 24 hours, Bitcoin swapped digital hands as high as $11,491.25.

Grayscale Bitcoin Trust (GBTC) is up 8.4% over the last week. Notable movers in the crypto sector over the same period also include Cardano (ADA-USD+15%, Chainlink (LINK-USD+15%, Bitcoin Cash (BCH-USD+9.5%, Litecoin (LTC-USD+8.1% and Ethereum (ETH-USD+7.8%.

Within the sector, Marathon Patent Group (NASDAQ:MARA) rose 10.2% over the last seven days, Riot Blockchain (NASDAQ:RIOT) gained 19.0% and Overstock (NASDAQ:OSTK) increased 6.8%.

The line of thinking of some Bitcoin bulls is that high government and central bank spending around the world in response to the pandemic will eventually led to inflation. That is expected to boost Bitcoin demand on top of the increasing institutional support (see developments with Square).

Seeking Alpha author Beth Kindig has a teardown on the current state of Bitcoin and the industry.


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