Bitcoin Back Up, Higher by 6$ Dollars

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Bitcoin is back up and currently over $6 dollars higher compared to the open. We opened at $253.62, then fell to retest the $250 dollars mark. After the bears were unable to push prices lower, bitcoin rallied. We closed the day at $255.80, only $2 dollars above the open. But in the first 2 hours of the new day BTC/USD surged to a high of $259.99. The bulls are still firmly in charge with prices quoted not far from the highs at $259.73.


Bitcoin was better bid on OKCoin, here we only dipped to $252.65 before rallying to a high of $261.55. One coin is selling for $260.51 right now. You can find a live chart from OKCoin exchange HERE.

Futures continue to price in a large premium. In fact the premium on the September 25th contract surged to a new high of $11 dollars today. Currently this contract is quoted at $271.28 dollars. This compares to $260.51 on the spot exchange. Meanwhile the closer July 10th contract is trading at $262.51, exactly $2 dollars above the main exchange price. This means that futures traders are betting on more BTC gains.

With the fallout in Greece, bitcoin companies have been trying to appeal to Europeans. For example, major US exchange Coinbase waived exchange fees for buying BTC with Euros. Fred Ehrsam, co-founder of the company, says that the move is not aimed at the Greek people but at other nations that may find themselves in a similar predicament:

”There’s little that bitcoin companies can do for people on the ground in Greece. The bigger deal here is if you’re sitting in Italy, Spain,

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