Bitcoin extends gains above 56k

Following on from an earlier update here on the immediate progress of Bitcoin, the lead cryptocurrency has now extended its morning gains to above 56k. The rise above 55k started to gather a little more pace when Elon Musk proudly announced that the company will now officially accept Bitcoin for payment of one of its cars. Perhaps it goes hand it hand; that electronic payments should coincide with electric cars. Joking apart though, as daft as it should seem; that the market will use this excuse to take Bitcoin higher, it is not at all out of fashion, or against the grain. That is because Musk is the pied piper of the cryptocurrency market these days ands where he leads the market will tend to follow. Bitcoin is just now trading at 56,200