Economy

Bitcoin trades above $5000 for first time ever

Bitcoin trades above $5000 for first time ever”

The alternative currency spiked more than 6% on Thursday, surging above the $5,000 barrier.

Unlike a real-world unit such as the United States dollar or euro, bitcoin has no central bank and is not backed by any government. As Bloomberg noted on Twitter, the cryptocurrency's price was at an all-time-high Thursday morning. The digital currency has soared 750% in the past year, and is now worth four times as much as an ounce of gold.

This week, Russian Federation has announced the regulation of digital currencies, as President Vladimir Putin said the instrument has significant financial risks. A spokeswoman for the investment bank confirmed that there was client interest in the project, but reiterated that the initiative was still in its early stages. Goldman CEO Lloyd Blankfein, however, says that no final decision has been made.

Bitcoin plummeted below $3,000 in mid-September after Chinese authorities announced a crackdown on the digital currency. Meanwhile, Citi's CFO said his bank is taking an "intense" look at cryptocurrencies and blockchain.

The validation of even one Wall Street institution would "change bitcoin" by bringing in lots of big money.

But the price has been volatile.



Like this

Latest


12 October 2017
Italian woman granted sick pay to look after ill dog
Looking after a sick pet constitutes "serious personal grounds" for time off work, an Italian court has ruled. The court agreed with its arguments and made a decision to pay the holiday for family or personal reasons.

12 October 2017
Hyperloop One Is Proud to Announce Its Virginity
Projected journey times in the final system are expected to include Edinburgh to London in 50 minutes, and LA to San Francisco in 30 minutes.

12 October 2017
Mum's fight for life after unborn baby kicks hole in womb
Despite the dramatic delivery, mum and baby are said to be doing well. "Rupture pregnancy" is considered to be extremely rare. Women who have had fibroid-removal operations should wait for one to two years until they plan for a baby, said Dr Zhong.

12 October 2017
WR Watkins 'frustrated,' but still believes in Rams' offense
Does he think it's going to change? "I don't know", Watkins said, plainly, after Wednesday's practice at Cal Lutheran. A week earlier, in victory against Dallas, Watkins was targeted only twice and caught one pass for 17 yards.

12 October 2017
Profund Advisors LLC Cuts Stake in Genworth Financial Inc (GNW)
If we want to get a sense of GNW's future performance, we have to look at the speed and size of these price movements. Out of 8 Wall Street analysts rating Genworth Financial, 1 give it "Buy", 1 "Sell" rating, while 6 recommend "Hold".

12 October 2017
Trump Ignorantly Thinks the Stock Market Reduces Government Debt
In Trump's fractured mind, the stock market is part of a big pile of money that is used to pay the national debt. Trump appeared not to know how the debt works.

12 October 2017
Antonio Conte set to provide clarity on N'Golo Kante injury
One of football fans' main fears is that a key man will go away on global duty, only to come back injured. Morata picked up a hamstring issue in the loss to Manchester City just before the two-week global break.

12 October 2017
Vijay's Mersal may emerge as biggest Tamil release
According to media reports, the flick will leave behind Prabhas' Baahubali 2: The Conclusion in terms of screen count in Kerala. The film has been dubbed in Telugu as Adhirindi, and it will have a simultaneous release with its Tamil version.

12 October 2017
J&K encounter: Bandipora gunfight kill two militants, claim two IAF commando's life
Summary: This is the second known instance of the Garud force suffering fatalities in anti-terror operations. The commandos were deployed when terrorist stormed the Pathankot air base in 2016.

12 October 2017
Kaka not renewing Orlando contract at end of season
Kaka did not announce what his plans will be now that he will not be renewing his $7 million Major League Soccer contract. As the highest-paid player in MLS, Kaka was named an All-Star in each of his first three seasons with the Lions.



Recommended