Currency News: Bitcoin Beats $4,000 Ceiling
Currency News
The digital currency Bitcoin got a new record high above $4,000 on Saturday. It was boosted by strong Asia trading demand on its way to four-ply its value this year. On Sunday, Bitcoin traded as high as $4,225.40, more than 5 percent higher than $3,941 in Saturday dealings, according to CoinDesk. For reference, a week ago Bitcoin hit an all-time high as it passed $3,000 for the first time.
Bitcoin 1Y rates and price on Aug. 5
The digital currency has risen about 50 percent in August alone. Its market value is now around $64 billion. And about $10 billion Bitcoin gained last week.
Bitcoin 24H rates on Aug. 13
Institutional investors also increased their interest in Bitcoin, after currency successfully survived an Aug. 1 split into bitcoin and bitcoin cash. The currency also got a boost from Goldman Sachs, which in a report released this week said it is harder for institutional investors to ignore cryptocurrencies like Bitcoin:
“With the total value nearly $120 billion, it’s getting harder for institutional investors to ignore crypto currencies”. The Goldman Sachs team notes that initial coin offering investments–which are approaching $2 billion in 2017 alone–have exceeded angel and seed funding during the past few months.
But it said Bitcoin’s future is still uncertain. The digital currency could potentially split again in November when the second phase of an upgrade proposal called Segregated Witness is implemented.
