Value of bitcoins in circulation hits record high of $14bn

[John Newman]

They were below $600 last time I grabbed a couple...
Too bad I spent the fuckers.



On December 22, 2016 2:22:06 PM EST, grarpamp <grarpamp at gmail.com> wrote:
>Price per coin at $875 as cryptocurrency’s value doubles in a year,
>with experts linking it to depreciation of Chinese yuan
>The total value of all bitcoins in circulation hit a record high above
>$14bn (£11bn) on Thursday, as the web-based digital currency jumped 5%
>to its highest levels in three years after more than doubling in price
>this year.
>The price of one bitcoin reached $875 on the Europe-based Bitstamp
>exchange, its strongest level since January 2014, putting the
>cryptocurrency on track for its best daily performance in six months.
>That compared with levels around $435 at the start of the year, with
>many experts linking bitcoin’s rise with the steady depreciation of
>the Chinese yuan, which has slid almost 7% in 2016.
>Is bitcoin the answer if traditional investments are letting you down?
>Data shows the majority of bitcoin trading is done in China, so any
>increase in demand from there tends to have a significant impact on
>the price.
>The web-based bitcoin currency can move money across the globe quickly
>and anonymously with no need for a central authority. That makes it
>attractive to those wanting to get around capital controls, such as
>China’s.
>The currency is still some way off the peaks it scaled in late 2013,
>when it traded as high as $1,163 on the Bitstamp exchange.
>But because more bitcoins continue to be added to the system,
>currently at a rate of 12.5 every 10 minutes, its total value – or
>“market cap” – on Thursday surpassed the 2013 peak of $14.01bn. That
>puts its total value at about the same as that of an average FTSE 100
>company.
>Charles Hayter, the founder of data analysis website CryptoCompare,
>said bitcoin had been helped higher by demonetisation in India, and by
>global political uncertainty.
>“If that trend continues, bitcoin is a good thematic play on the
>fracturing of our global norms as a flight to safety,” he said.

-- 
Sent from my Android device with K-9 Mail. Please excuse my brevity.
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