Bitcoin soars above $2,400 to all-time high
By Prempal Singh
Digital currency Bitcoin hit a new record high on Wednesday, surging above $2, 400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology.
Blockchain, the underlying technology in the back of bitcoin, is a financial ledger maintained by a network of computers that can track the activity of any asset without the need for the main regulator.
Bitcoin hit keeps track of $2, 409 on the BitStamp platform and was last up 4. 3 percent at $2, 363. So significantly this year, the price of bitcoin has more than doubled.
A vital reason for bitcoin’s dominance in the criminal online underworld, say technology cyber crime experts, is its size – the total value of most bitcoins in blood circulation much more than twice that of the closest of hundreds of rivals.
Likewise, a major part of bitcoin’s recent surge is the rise in demand for other digital currencies being sold in so-called “initial coin offering”, or ICOs. Under ICOs, blockchain start-ups sell their tokens immediately to the public to raise capital without the regulating oversight.
“Bitcoin up 100 percent within 2 months. Shanghai down almost 10 per cent same timeframe, compared to most global stocks up. Most likely not a coincidence!, Jeffrey Gundlach, chief professional at DoubleLine Capital messaged on Tuesday.
Strong demand for bitcoins in Japan has also fueled the rise of the digital currency that can be moved like money around the world quickly and anonymously without the need for the main authority.
Source: economictimes.indiatimes.com