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Price of Bitcoin skyrockets to new all time high

04 May 2017
Price of Bitcoin skyrockets to new all time high

Over the last two weeks, bitcoin has climbed about 25 percent into record territory on increased investor interest. It is certainly true locals have taken notice of what cryptocurrency has to offer.

Many speculate that this rally, fueled by the US and Japan, could be due to the US Securities and Exchange Commission's (SEC) plan to reexamine its decision to refuse the Winklevoss Bitcoin ETF. An interesting turn of events, to say the least.

Additionally, since the end of March, Bitfinex's bitcoin reserves have declined by 50 percent. Additionally, Bitcoin will also be used to preserve local historic attractions.

Bitcoin prices (BTC/USD) approached $1,500 at the start of the week, spurred by a jump in global buying interest. This upward trend follows a strong 2016, with Bitcoin rising 125% in value and finishing the year on an all-time high reaching United States dollars $1140 and surpassing its market capitalisation, standing at U.S. $16.1 billion. The publication further noted that Cryptocompare, a data website that looks at bitcoin trading, noted roughly half of the trading came from the bitcoin/Japenese yen exchange rate.

Granted, things in the bitcoin market have not been great lately. Nearly doubling in a matter of 2 months, according to Bitstamp the current price of Bitcoin is $1550.

"The Japan virtual currency act has likely had a major impact, as there has been a lot of buzz in Japanese media over the ruling over the last few months", Aurélien Menant, founder and CEO of Gatecoin, told CNBC. The price of a single Ethereum token had retreated to $78 in recent trade.

Blockchain is the technology that underpins bitcoin and other cryptocurrencies.

Bitfinex, one of the world's largest cryptocurrency exchanges, halted all customer withdrawals of USA dollars in mid-April after large global banks like Wells Fargo & Co. Investopedia cited platforms such as Ethereum, Ripple, Dash and Monero as fellow cryptocurrency networks with significant market gains.

It's been the top performing currency every year since 2010, aside from 2014.

This phenomenon is known as the halvening, and occurred most recently in July.