Bitcoin's Speculative Trading Continues to Rise Amidst Economic Data.

According to a research report by Morgan Stanley, bitcoin is not trading as a currency but as a speculative asset due to its price being supported by USD bank liquidity. While bitcoin was designed to allow people to hold value in a private digital wallet without an intermediary, its price and purchasing power are still influenced by central bank policy and it needs banks to facilitate flows into the cryptocurrency market. Despite concerns about traditional banks, bitcoin's reaction to negative newsflow has been mixed, with its recent rally likely driven by a small number of market participants and a short squeeze.