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A unit of bitcoin is now worth more than an ounce of gold.
Bitcoin surpasses gold value for the first timeThe popular digital currency hit a new all-time high during Thursday’s trading, when it closed at $1,268 level. In comparison, an ounce of gold traded at $1,233.
Bitcoin has had a wild start to the new year, rallying more than 120 percent to reach $1,140.64 in early January—its highest since November 2013. The dramatic rally, however, came to an abrupt end when the digital currency’s price plummeted to $885.41 following reports that the Chinese government is eyeing to introduce cryptocurrency regulations.
The digital currency’s price has been rising steadily since then. Currently, bitcoin has been enjoying its longest stretch above the $1,000 level, which analysts believe is a clear indication that the cryptocurrency is stabilizing at a new price point.
Experts chalked up bitcoin’s current high to China, where demand for the digital currency is surging despite the ongoing crackdown on cryptocurrency trading in the country. Recently, the People’s Bank of China warned bitcoin companies to enforce anti-money laundering and foreign exchange regulations.
SOURCE-CALVIN AYRE
Bitcoin surpasses gold value for the first timeThe popular digital currency hit a new all-time high during Thursday’s trading, when it closed at $1,268 level. In comparison, an ounce of gold traded at $1,233.
Bitcoin has had a wild start to the new year, rallying more than 120 percent to reach $1,140.64 in early January—its highest since November 2013. The dramatic rally, however, came to an abrupt end when the digital currency’s price plummeted to $885.41 following reports that the Chinese government is eyeing to introduce cryptocurrency regulations.
The digital currency’s price has been rising steadily since then. Currently, bitcoin has been enjoying its longest stretch above the $1,000 level, which analysts believe is a clear indication that the cryptocurrency is stabilizing at a new price point.
Experts chalked up bitcoin’s current high to China, where demand for the digital currency is surging despite the ongoing crackdown on cryptocurrency trading in the country. Recently, the People’s Bank of China warned bitcoin companies to enforce anti-money laundering and foreign exchange regulations.
SOURCE-CALVIN AYRE
