BITCOIN has hit a record high thanks to a boost in confidence after an end to uncertainty around the fork last week. Here is the latest Bitcoin price, live updates and breaking news.
By SEBASTIAN KETTLEY
17:55, Mon, Aug 7, 2017 | UPDATED: 18:22, Mon, Aug 7, 2017
Bitcoin price latest news value live updatesGETTY
Bitcoin price: Latest updates and news as cryptocurrency soars to record high value
Investors seem to have regained confidence in bitcoin with the cryptocurrency climbed above $3,400 to trade at all-time highs on Monday.
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The bitcoin price went up nearly five per cent to hit a high of $3,451.86 earlier today, according to CoinDesk.
Here is the latest Bitcoin price, live updates and breaking news. (All times BST)
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5.55pm: Bitcoin still not trusted, warns analyst
Bitgo engineer and CoinDesk contributor is worried that bitcoin is still not recognised as a legitimate currency.
“A huge number of people (who actually know about Bitcoin) are still sure it's a scam. Let that sink in for a bit,” he tweeted to his 19.6 thousand followers.
He later tweeted: “47 nation state currencies stand in the way of Bitcoin attaining the position of #1 M1 money supply. Egypt will be the next to fall.”
5.44pm: Bitcoin stands strong on the markets
Bitcoin is currently trading at $3407.35 as of 5.44pm, according to CoinDesk.
The currency opened at $3,255.00, and so far reached a high of $3,451.86.
Bitcoin cash meanwhile is trading at $276.73 as of 5.44pm, according to CoinMarketCap.
Ronnie Moas, founder of financial research firm Standpoint Research, believes that ttaders have found confidence in the cyptocurrency.
He told CNBC: ”That's what supports the cryptocurrency right now, confidence.
“If there's something that shakes people's confidence in crypto then they will sell off,” he added.
“The further we get into this game the less likely you will get something like that.
One person or a group of crypt-traders known as Spoofy could be behind the recent surge in bitcoin prices, a blooger has claimed.
According to a blog post by blog post BitCrypto, Spoofy uses a massive $60 million bankroll to buy large orders and entice smaller trader to buy as well – an illegal move commonly referred to as ‘spoofing’.
“Spoofy makes the price go up when he wants it to go up, and Spoofy makes the price go down when he wants it to go down,” the blogger claimed.
“And he’s got the coin… both USD, and bitcoin, of course, to pull it off, and with impunity on Bitfinex.”