Economy

Bitcoin reaches new high as it approaches $5300

Bitcoin reaches new high as it approaches $5300

After the beginning of 2017, Bitcoin has had a daily trade volume of more than $100 million.

The Final Word: A murky regulatory environment hasn't slowed down bitcoin.

Some attributed the jump to speculation that China will allow bitcoin trading to resume by licensing exchanges for cryptocurrencies, but initial reports about that possible move came last week.

Bitcoin has an intraday high of $5280 and ended yesterday at $5226. High Bitcoin transactions show the high levels of interests the public has on Bitcoin. It's price also reached a historical value of $5,226; this is not the first time Bitcoin's price has soared.

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Data released last week from SEMrush, a search engine data analytics firm, found the price had a 91 per cent correlation with Google searches on bitcoin, suggesting that all news - whether negative or positive - drives up demand, even if bad news can have a temporary negative effect. The cryptocurrency dropped to a low of $2,980 in mid-September on the news China had banned token sales and that local cryptocurrency exchanges would shut in the aftermath. As recently as December, bitcoin was trading at less than $1 000 dollars. But determining its value is hard.

Traders also seemed to shrug off negative news from Russian Federation, where that "buyers of cryptocurrencies could be involved in unlawful activities".

The price rise of Bitcoin could be as a result of its monopoly in the cryptocurrency market.

Russia's central bank also said it would block websites of exchanges that are offering cryptocurrencies.


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