Tuesday, 24 October, 2017

Bitcoin Surges Above $5200 on Hopes of Renewed China Trade

Richard Branson CEO of Virgin Galactic which accepts bitcoin as a form of payment Richard Branson CEO of Virgin Galactic which accepts bitcoin as a form of payment
Preston Stone | 13 October, 2017, 00:53

Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.

Reports have recently emerged stating that trading in the currency could resume but with increased regulation.

The news come a month after China clamped down on bitcoin-related activity, ordering domestic bitcoin exchanges to cease operations.

Today, however, the bitcoin price continued to swell after piercing the psychologically-important $5,000 barrier and setting a new all-time high.

But the main factor could simply be demand from investors wanting "in" on a market that has provided gains exceeding those of any other currency in every year bar one since 2010.

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Professor of economics and public policy at Harvard University, Kenneth Rogoff, expects the price of Bitcoin to collapse.

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"The interest really stems from the media hype", he added.

It's the first time the cryptocurrency has confidently shot past $5,000.

But those warnings aren't having a lasting effect on the value of the cryptocurrency.

Bitcoin nearly reached US$5000 at the start of September, but fell back sharply after the head of Goldman Sachs blasted the cryptocurrency as a "fraud" and as China forced exchanges to close down, sparking fears of a broader crackdown.

The main reason why the valuation of Bitcoin is rising is due to a rise in demand for the cryptocurrency.

Bitcoin, a virtual currency created from computer code, was worth only a few United States cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto. But determining its value is hard. "For bitcoin no such fundamentals exist". Some exchanges saw the price hit $5,000 for a few minutes in September, but it only lasted for about 10 minutes, making today the first sustained movement past the historic milestone. The prices of other digital assets also rose.

Russia's central bank also said it would block websites of exchanges that are offering cryptocurrencies.

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