Friday, 15 December, 2017

Bitcoin trades above $5000 for first time ever

Bitcoin trades above $5000 for first time ever Bitcoin trades above $5000 for first time ever
Conrad Doyle | 12 October, 2017, 21:04

Bitcoin has raised in value by more than 75 per cent in the last four weeks.

The validation of even one Wall Street institution would "change bitcoin" by bringing in lots of big money.

Other cryptocurrencies gained value in that window of time as well. "It's going to be a very volatile asset for a long time".

On Tuesday, Vladimir Putin called for regulations on cryptocurrency, labeling it a "serious risk" used for illegal activity such as money laundering, tax evasion, and funding terrorism. Meanwhile, Citi's CFO said his bank is taking an "intense" look at cryptocurrencies and blockchain.

Neil Wilson, senior market analyst at ETX Capital, said investors in bitcoin are also buoyed by news that U.S. banking giant Goldman Sachs plans to trade the cryptocurrency.

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

Kenneth Rogoff, a professor of economics and public policy at Harvard University and a former International Monetary Fund chief economist, has predicted that the technology behind cryptocurrencies will thrive, but the price of bitcoin will collapse.

In September, Bitcoin plunged below $3,000 after China ordered domestic Bitcoin exchanges to shut down days after it said initial coin offerings (ICO), or digital token sales, were illegal.

It's also largely unpredictable which digital currencies will have staying power.

"People are just wanting to be part of it", said Ryan Nettles, head of FX trading and market strategy at Swiss bank Swissquote, which launched bitcoin trading two months ago.

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