Bitcoin reaches new record high in weekend trading

Early in the Asian trading session on Friday Bitcoin rose to set a new all time record high when it reached $48,929. It subsequently backed away from that and fell back to 46,300 just ahead of the 4pm London FX fix. Another rebound ensued ahead the wider US market weekly close. Another attempt to drop back below 46k was made on Saturday, but the level held once again and an interim double bottom around 46,300 was clearly the required base for another rally on Sunday morning. The rise took the price to a new record high when it reached 49,694. It has backed off towards 48,000 again since, but it may not be done with trying to make a move above 50k before the weekend is out. Whilst it is very hard to put a top on the lead cryptocurrency at the moment, it remains an increasingly hot topic professional investor conversation, with more and more looking to get involved. Its not that they want to, but it seems they are being led mostly by fear of missing out (FOMO). The latest addition to the growing list of potential investors seems to be the US investment Bank, Morgan Stanley, who are apparently now mulling an involvement. Bitcoin is currently trading at 49,060, as at 5pm GMT on Sunday