Bitcoin price breaks $4000. Here's why

Bitcoin vaults to new record above $4K, boosted by Japan and multiplying its value fourfold

Bitcoin vaults to new record above $4K, boosted by Japan and multiplying its value fourfold

It might not be that surprising.

The cryptocurrency's ongoing price surges, while clearly welcomed by investors, have others saying that bitcoin is going through a bubble that is bound to crash eventually. It's not surprising due to its volatile nature.

The new record follows days in which bitcoin has been setting consecutive all-time highs following a relatively static period when prices sat at around $2,700.

I wouldn't be surprised if it hits a few more before 2017 is up.

It was largely thanks to Japanese buyers and heated global tensions.

The bulk of the additional demand came from Japan, which accounted for almost 46 percent of global trade volume, up from about a third a day ago, while South Korea and China accounted for 12 percent each. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare.

Bitcoin rose in the last week, mirroring gold's climb amid a global selloff in stocks and bonds. "Rising worries about North Korea's nuclear threat have sent investors flocking to perceived safe-havens and alternative assets", CNBC reported. Rather the forking of Bitcoin seems to have renewed interest in the currency, and the current trading price means that Bitcoin has more than quadrupled in value. 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.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.