Sci-tech

Bitcoin Soars Past $4000 in Weekend Trading

Bitcoin Soars Past $4000 in Weekend Trading”

Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month. Rather the forking of Bitcoin seems to have renewed interest in the currency, and the current trading price means that Bitcoin has more than quadrupled in value.

In the last two weeks, Bitcoin's price has grown 40 percent.

Bitcoin has now quadrupled in 2017, jumping almost 40 percent in August alone.

Price fluctuations in the Bitcoin spot rate on the Bitcoin exchanges is driven by many factors.

According to CNBC, this recent rally has been largely the result of demand from Japanese traders. Another quarter of all trading involved US dollars. Trade in Chinese yuan and South Korean won accounted for about 12 percent each. He also attributed the gains to investors buying back bitcoin following the August 1 split and increased attention from the Russian government. A few days ago, Fidelity launched new service to enable users track their holdings in virtual currency. Not just from individual investors, but institutions with far deeper pockets. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. "You now have more places to spend bitcoin, more regulators thinking about the right infrastructure, and more investors learning about the asset".

Bitcoin has continued to hit new milestones in 2017.

After cresting as high as $4,200 earlier in the day, bitcoin BTCUSD, -0.39% was at $4,078.08 at 5 p.m.

"The Bitcoin client is about 30,000 lines of code", Gün Sirer said Tuesday at Business of Blockchain, a conference organized by MIT Technology Review and the MIT Media Lab. The digital currency could potentially split again in November, when the second phase of an upgrade proposal called Segregated Witness is implemented.

He noted on Twitter that upticks in the bitcoin price and Google searches have historically led to price corrections.

Featured image from Shutterstock.



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