ibusinesslines.com
ibusinesslines.com October 24, 2017


Cryptocurrency Bitcoin rockets above $7000 to all-time high

12 October 2017, 08:39 | Kelvin Horton

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The digital currency started off the year worth $966 and has increased in value by a massive 750 percent over the past year. Nettles said interest had been much higher than anticipated and has come from banks, hedge funds and brokers.

Bitcoin nearly reached US$5000 at the start of September, but fell back sharply after the head of Goldman Sachs blasted the cryptocurrency as a "fraud" and as China forced exchanges to close down, sparking fears of a broader crackdown.

But by Thursday morning, bitcoin had recovered those losses and then some: It was trading above $5,200 per coin at 11:30 a.m.


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

On Tuesday, Vladimir Putin called for regulations on cryptocurrency, labeling it a "serious risk" used for illegal activity such as money laundering, tax evasion, and funding terrorism. "So to us, this bounce back in price is no surprise", the analyst added. Speaking last month, he said there was a limited market for the digital currency, arguing that it was only fit for use by drug dealers, murderers and people living in countries such as North Korea. It is important to highlight the fact bitcoin could be bought for around $570 just about a year ago. "I'm not going to talk about bitcoin any more", he said.

Up over $1,000 since last month, Bitcoin has risen over 25% within the last 30 days. None of this applied to bitcoin, although the supply is carefully controlled.



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