Bitcoin has broken through the $10,000 barrier for the first time, the virtual currency hit a high of $10,903 in Asia from a peak of $5,000 it reached on 1 September.
According to the Bloomberg, the currency is 14 times its value at the start of the year. The breakthrough is the latest in a spectacular run for the online money dubbed which began life in 2009 as a bit of encrypted software supposedly written by an unknown coder with a Japanese-sounding name.
Bitcoin hits $10,000. 🚀🎉🎊
Congratulations to all the hodlers! This is by far the strongest Bitcoin bull run I've seen in 6+ years.
Now take some profit off the table. You deserve it for believing when no one else around you did. 👍 pic.twitter.com/liukpusOZ8
— Charlie Lee (@SatoshiLite) November 29, 2017
Analysts have posited that this rise may have stemmed from the decision of the Chinese to close down Bitcoin trading platforms.
It got a big boost last month when exchange giant CME Group announced it would launch a futures marketplace for Bitcoin, which has not been listed on a major bourse before. Similarly, many malware writers are now seeking to install software on vulnerable websites that create or “mine” the coins.
The announcement sparked a surge in its value — it has risen 50 percent since October alone. The current market value of Bitcoin is now around $180 billion, according to Coinmarketcap.com, which tracks the market capitalisations of cryptocurrencies. That puts it within touching distance of Coca-Cola, which is worth $195 billion.
— Bloomberg (@business) November 29, 2017
While analysts expect the currency to suffer falls, they are betting it will prosper in the long term and see the CME launch as the next big test. This was a major setback for those that labelled the bitcoin as a possible tool drugs and guns traders and the major boost for the e-currency.
Recall that Global credit card giant Visa rolled out the first of its blockchain-based business-to-business payments service, named Visa B2B Connect.The platform is designed to give financial institutions a secure, fast and predictable way to process corporate cross-border B2B payments.
China is home to the mining of Bitcoin and other virtual currencies, making up about 45% of the global market share.
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