Bitcoin Surges to $28,500

Bitcoin tops off its rally breaking through the $28,000 level reaching a high of $28,572 on Wednesday. This comes as the US Dollar Index (DXY) continues its decline below 90.00.

The cryptocurrency continues to rally as expectations that the currency will become a more mainstream payment method continues to grow. It was reported that PayPal launched a crypto trading service on its platform and that they have acquired 70% of all new bitcoin in circulation.

Investors continue to move onto riskier assets that have been providing higher yield. Even traditional safe-havens such as Gold, are now being replaced by Bitcoin. However, the battle still continues to rage on as investors make a switch in safe havens, especially during turbulent times.