Daily Management Review

Bitcoin Hits A New Record High, Smashes Through $6,100 Barrier


10/22/2017




Bitcoin Hits A New Record High, Smashes Through $6,100 Barrier
Breaking through the $6,100 barrier, bitcoin set a new record high on Saturday.
 
According to data from industry website CoinDesk, just a day after pushing through the $6,000 mark, the cryptocurrency hit an all-time high of $6,147.07.
 
another upcoming split in bitcoin known as a "fork" is primarily responsible for much of the rise and can be attributed to it. Bitcoin gold is the name of the new form of bitcoin that will result from the split which will also be a new form of cryptocurrency. Holders of bitcoin will essentially get some free money or bitcoin gold as they will get some bitcoin gold when it is issued.
 
But bitcoin investors were betting on bitcoin holding its status despite the split, said Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital. when a new cryptocurrency called bitcoin cash was created, bitcoin already underwent a fork in August. Bitcoin has continued to perform strongly despite this.
 
Bitcoin is also being given a boost as there are rumors that China could reverse its ban on cryptocurrency exchanges and this has also raised hopes of a revival of the trading of the cryptocurrency in China.
 
Despite the fact that big business figures like JP Morgan Chase CEO Jamie Dimon calling cryptocurrencies a “fraud” and saying that people who invest in it are "stupid", bullishness around bitcoin continues to thrive and its value seems to be going up as investors place more and more confidence in the new age currency.
 
Nearly half of the more than 23,000 people who voted said bitcoin is heading to a value of over $10,000, according to an unscientific survey carried out by CNBC this week. He sees bitcoin heading to $10,000 in the next six to 10 months, Former hedge fund manager Michael Novogratz said in a recent television interview.
 
It was recently that Japan allowed companies to accept the digital currency as payment and this favorable regulation by that country has helped to boost the acceptability of bitcoin and it has also been helped to rise. According to industry website CryptoCompare, around 57 percent of the trade in bitcoin was executed in Japanese yen on Saturday.
 
However, regulatory setbacks - including China banning cryptocurrency exchanges has also been faced by this virtual currency and some other similar ones in use currently.
 
However, despite all of the unfavorable situations and regulations, the price of bitcoin has risen over 500 percent year-to-date.
 
(Source:www.cnbc.com) 






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