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undergroundnewsroom.com November 22, 2017


Bitcoin set record high of $5380

13 October 2017, 12:50 | Gordon Grant

There’s no stopping Bitcoin as price hits new record high 0

There’s no stopping Bitcoin as price hits new record high
		 0

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

Bitcoin surged through the $5,000 level on Thursday for the first time since the launch of the unregulated virtual currency more than eight years ago. Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.

The last time bitcoin hit that mark, traders initiated a minor sell-off that evolved into a major downturn when China began prohibiting initial coin offerings (ICOs) and cryptocurrency trading just days later. It is important to note that the valuation of Bitcoin is highly volatile and more hard to sell than traditional assets. Nettles said interest had been much higher than anticipated and has come from banks, hedge funds and brokers.

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"For most currencies there are several accepted methodologies for estimating relative value, normally based on macroeconomic fundamentals", said EFG Asset Management's Global Head of Research, Daniel Murray.

What bitcoin bubble? On Thursday, the popular crypto-currency defied skeptics' predictions and soared to a new all-time, past the $5,000 mark in the early morning and then climbing almost another $400 higher through the day. The bitcoin price has continued to climb on every major cryptocurrency exchange, and it has now risen to a record $5,419 on Bitfinex.



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