Bitcoin hits another record high as it climbs above $5 000

Lloyd Doyle
October 13, 2017

What has made the move even more remarkable is the fact that the bitcoin market had only taken a huge hit just a couple of weeks back as China, one of the prime markets for bitcoin in terms of trading and mining as well, banned ICOs and also shut down all the bitcoin exchanges in their country as they viewed it as a means by which people were flouting the AML laws in the country.

Bitcoin's price soared to an all-time high on Thursday as global investors continue to pour money in the popular cryptocurrency.

What are your expectations from the ongoing Bitcoin boom? Bitcoin has a lot further to go than this price point to become a real world currency, as it was created to one day be.

Bitcoin's continuing rise has so far silenced its critics, now presumably sat aghast at this behemoths rise. Whether you need help understanding the basics of blockchain technology or desire to read an in-depth analysis of the latest initial coin offering, Strategic Coin will provide you with the information you need to take advantage of market opportunities within the crypto finance industry.

While bitcoin traders and investors appear to be optimistic once more, challenges to its legitimacy within nations remains under threat, particularly in Russian Federation.

A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Legal and logistical barriers make it hard to sell a newly created cryptocurrency for conventional currencies like dollars or euros. Consequently, this bitcoin exchange serves as the on-ramp for many investors into the crypto economy. But it's relatively easy to sell a new cryptocurrency in exchange for Bitcoin. The August fork split the Bitcoin network in half, creating a new cryptocurrency called Bitcoin Cash that was a flawless copy of the original Bitcoin network-including its transaction history.

So the market may be shrugging off the possibility of another fork in November because it doesn't expect another fork to hurt Bitcoin's value.

A final factor driving Bitcoin's growth: increasing interest from mainstream financial institutions. With a current market cap of approximately $88 billion, Bitcoin now has a larger market capitalization than the GDPs of almost three quarters of the world. "For bitcoin no such fundamentals exist". Speculators may be bidding up Bitcoin's price in anticipation of greater demand from Wall Street in the coming months.

Other reports by Iphone Fresh

Discuss This Article