“The euro dropped against the dollar Wednesday on yet another signal that the European Central Bank is considering more unconventional policies at the same time that the Federal Reserve has shown a willingness to slow its bond purchases. Such central-bank inspired moves are absent from bitcoin by design; the virtual currency has no central bank and is created through a process called mining. So without monetary policy as a driver, what’s behind the big moves? Surging demand in China, growing legitimacy in the U.S. as demonstrated byhearings in the Senate, the closure of the bitcoin-only drug market Silk Road, and an open-ended bitcoin trust run by SecondMarket.”
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