Thursday, 19 October, 2017

Bitcoin Valuation Skyrockets to $5000

Shoeshine boys The shoeshine boys are tipping bitcoin
Heather Davidson | 13 October, 2017, 00:54

The cryptocurrency BTCUSD, +8.33% on Thursday recently was up by 8% at $5,207 after earlier touching an intraday high around $5,231, according to CoinDesk data.

It's the first time the cryptocurrency has confidently shot past $5,000.

Bitcoin, the biggest and best-known cryptocurrency, has chalked up a more than fivefold increase in price this year.

Cryptocurrency Bitcoin has reached an all-time high of $5,186. Its market capitalization is 53 percent of the market capitalization of all cryptocurrencies.

That said, Goldman Sachs is reportedly considering offering bitcoin trading and even China is considering easing restrictions of the cryptocurrency.

Bitcoin, a virtual currency created from computer code, was worth only a few U.S. cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto.

"Bitcoin was created to operate outside of the influence of governments and central banks, and is doing exactly that", said Iqbal Gandham, Managing Director at retail trading app eToro, which has seen huge increases in cryptocurrency trading volumes. The change, which started on August 1st, was made to give the money a larger infrastructure. It is important to highlight the fact bitcoin could be bought for around $570 just about a year ago.

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