Economy

To the moon: In a record-breaking run, Bitcoin surges toward $6000

To the moon: In a record-breaking run, Bitcoin surges toward $6000”

Bitcoin is up over 480 percent year-to-date.

The price of Litecoin surged almost double digits as traders found a bottom in the market and traded on volume levels that almost matched Ripple and Bitcoin, two cryptocurrencies with much larger market capitalizations.

Surpassing the market cap of Goldman Sachs was a major milestone for Bitcoin and it is rapidly approaching towards the $100 billion mark.

Bitcoin's value is taking a wild ride.

Case in point, bitcoin's price rally this week also comes in the wake of Russian president Vladmir Putin's comments criticizing the digital currency in regards to a meeting held on Tuesday (October 11) about cryptocurrencies.

The market capitalization of all 1,165 cryptocurrencies now being tracked by Cryptocurrency Market Capitalizations, including bitcoin, has reached $179 billion. That is like saying the iPhone was a bubble in 2007 four days into the sale because there were 500,000 iPhones sold. "Bitcoin Gold" is the second proposed fork, one that essentially shifts bitcoin mining away from ASIC servers, those that use custom application-specific integrated circuits, and shifts the process of mining bitcoin back to graphics processing unit chips again.

As Bank of Finland explained in its latest research paper, Bitcoin operates its own economy and decentralized financial network.

A week prior to that, RBI Executive Director Sudarshan Sen had talked about the central bank's discomfort with Bitcoin, stating, "Right now, we have a group of people who are looking at fiat cryptocurrencies".

Bitcoin, the decentralised digital currency, seemed on the verge of disappearing after every scandal, crash or hack. Given the popularity and volatility of the currency, it makes flawless sense for banks to explore trading the product. In a matter of hours, Bitcoin's value tanked by more than $550, and it continued to drop for the remainder of the day. In Sweden, Dimon is accused of market manipulation due to "badmouthing bitcoin", while other reports noted that despite Dimon's words, JP Morgan Chase itself invests in bitcoin and bitcoin-related securities on behalf of clients as well.

Featured image from Shutterstock.



Like this

loading...
loading...

Latest


15 October 2017
Panthers Fan Sucker Punches Older Eagles Fan In NSFW Video
The dude bro turns around and calls the victim a "geriatric f-', 'f--t", and 'hick.' Then sucker punches him right in the face. It is reassuring that the team and law enforcement took the incident quite seriously and worked rapidly to make an arrest.

15 October 2017
Esperion Therapeutics, Inc. (ESPR) Shares Bought by Fmr LLC
Stratos Wealth Partners invested 0.01% of its portfolio in Simon Property Group Inc (NYSE:SPG). 1 are owned by Wells Fargo & Mn. The stock of Esperion Therapeutics Inc (NASDAQ:ESPR) has "Equal-Weight" rating given on Wednesday, June 29 by Barclays Capital.

15 October 2017
Steel Dynamics, Inc. (STLD) Set to Announce Quarterly Earnings on Tuesday
The basic materials company reported $0.63 earnings per share for the quarter, hitting the Zacks' consensus estimate of $0.63. Ent Service Corp reported 0% of its portfolio in Steel Dynamics, Inc. (NASDAQ:STLD) on Monday, November 14 to "Hold" rating.

15 October 2017
Time Warner (TWX) Given Daily Coverage Optimism Rating of 0.15
They expect $1.59 EPS, down 13.11% or $0.24 from last year's $1.83 per share. 697,828 were accumulated by Saratoga Rech & Mngmt. Cowen and Company reiterated a "hold" rating and set a $107.50 target price on shares of Time Warner in a report on Thursday.

15 October 2017
Janus Henderson Group PLC Acquires 15075946 Shares of Sensata Technologies Holding NV
Finally, Cowen and Company started coverage on shares of Sensata Technologies Holding in a report on Tuesday, March 21st. Tredje AP fonden increased its position in shares of Sensata Technologies Holding N.V.by 174.7% during the 2nd quarter.

15 October 2017
Maverick Capital Ltd. Buys 14280 Shares of HCA Holdings, Inc. (HCA)
The company reported $1.75 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $1.80 by ($0.05). Meeder Asset Mngmt Incorporated invested 0.36% in HCA Healthcare Inc (NYSE:HCA). 30,513 are owned by Meritage Portfolio Mgmt.

15 October 2017
Loop Capital Cuts Rating On Dollar Tree, Inc. (DLTR) To "Hold"
Dollar Tree had a net margin of 4.37% and a return on equity of 18.07%. (NASDAQ:DLTR). 10,860 are owned by Hellman Jordan Ma. BidaskClub raised shares of Dollar Tree from a "hold" rating to a "buy" rating in a research note on Tuesday, August 8th.

15 October 2017
Oppenheimer Holdings, Inc. Reiterates "Buy" Rating for Bank of America Corporation (BAC)
It is negative, as 84 investors sold CVS shares while 559 reduced holdings. 76 funds opened positions while 139 raised stakes. Following the transaction, the director now owns 50,000 shares of the company's stock, valued at approximately $1,208,000.

15 October 2017
MS Dhoni and Ziva share 'besan ka laddoo'
The Indian cricket team members have got a short break following the conclusion of their T20I series against Australia. The Indian skipper also posted a video of the meet-up on his Instagram. "My reunion with Ziva".

15 October 2017
Japanese steel scandal grows as Kobe admits more cases of falsified information
SMBC Nikko Securities said in a note to clients that investors in Kobe Steel face a prolonged period of uncertainty. The subsidiaries named on Friday included three in China, one each in Thailand and Malaysia and four based in Japan.