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giftedviz.com October 24, 2017


The price of one Bitcoin is now worth more than $5000

13 October 2017, 12:53 | Austin Hogan

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

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

Bitcoin's community of users control and regulate the currency, and the anonymity of transactions that endears it to libertarians has raised concerns that it can be abused by criminals.

Bitcoin tumbled below $4 000 last month after China's central bank stepped up regulations on digital currencies, banning initial coin offerings, a popular means of fundraising for startups.

"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.

"The interest really stems from the media hype", he added. It's price also reached a historical value of $5,226; this is not the first time Bitcoin's price has soared.

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

Bitcoin was trading up 8 per cent on the day around $5200 on Luxembourg-based exchange Bitstamp. "For bitcoin no such fundamentals exist".

The bitcoin price went meteoric on Thursday, surging past $5,400 to shatter the all-time high it set at the beginning of September.

The price rise of Bitcoin could be as a result of its monopoly in the cryptocurrency market.



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