Bitcoin the most famous cryptocurrency as of now, breached an all-new high on Wednesday and topped the $12,000 mark for the first time ever.
Bitcoin the most famous cryptocurrency as of now, breached an all-new high on Wednesday and topped the $12,000 mark for the first time ever. Bitcoin is rallying for the last one year with beating almost all the traditional asset classes, be it equities, gold, or real estate, in terms of annual returns. Since the last month, Bitcoin […]
Bitcoin the most famous cryptocurrency as of now, breached an all-new high on Wednesday and topped the $12,000 mark for the first time ever. Bitcoin is rallying for the last one year with beating almost all the traditional asset classes, be it equities, gold, or real estate, in terms of annual returns. Since the last month, Bitcoin breached the levels of $7,000; $8,000; $9,000; $10,000; $11,000 and now $12,000. According to the data from Google Finance, the value of 1 Bitcoin topped $12,285 today. According to a leading Bitcoin exchange Coinbase, 1 Bitcoin equalled $12,287. Over the period of last month only, Bitcoin has more than doubled.
According to Coinbase, Bitcoin made a low around levels of $5,850 on 13 November 2017, and from then it's been on a continuous upmove. Amid rising scepticism over the rapid surge in the value of Bitcoin, CLSA’s Chris Wood has predicted that the upswing is still intact and the cryptocurrency is expected to rally further. In his weekly note GREED & fear, Chris Wood, managing director & equity strategist at CLSA, wrote, “ GREED and fear would be surprised if the cryptocurrency story did not run further. But the longer term story is whether governments regulate cryptocurrencies out of existence or co-opt blockchain technology for their own purposes. Meanwhile, an old-fashioned GREED & fear favours gold and gold stocks even though it is clear that money that might otherwise have gone into gold plays of late has been attracted to the crypto phenomenon.”
According to an Indian Bitcoin exchange Zebpay, it showed a buying price of Rs 8,72,231 and a selling price of Rs 8,48,245. However, the world’s largest cryptocurrency Bitcoin has the dubious distinction of being called as a ‘fraud’, illegal, fad, and many such names by eminent bankers, investors and regulators across the world.
Bitcoin is a type of cryptocurrency, which operates on the encryption technique, but does not have a legal backing from the central bank. It is an unregulated digital private currency created by Satoshi Nakamoto in 2008. Bitcoin is a digital asset and a payment system. It is commonly called a decentralised digital currency. It was invented by unknown person using the alias Satoshi Nakamoto in 2009. In Ind, a Bitcoin is traded on three virtual exchanges namely Coinsecure, Unocoin, Zebpay.