Bitcoin surges past $1,900 for the first time
Bitcoin is at it again. Overnight, the cryptocurrency topped $1,900 for the first time. It is now trading up by 2.3% at $1,938.81 a coin.
Friday's gains have bitcoin up by about 102% since March 27. The cryptocurrency has gained in 23 of the past 26 sessions.
The rally has seemingly been sparked by news out of Japan at the beginning of April that bitcoin is now considered a legal payment method in the country. Along the way, Ulmart, Russia's largest online retailer, said it would begin accepting bitcoin even though Russia said it wouldn't explore the cryptocurrency until 2018.
The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn its ruling on the Winklevoss twins' bitcoin exchange-traded fund. The SEC was accepting public comment on its decision until Monday, but it hasn't announced whether it will overturn its rejection of the ETF.
Bitcoin has gained 105% this year. Except for 2014, it has been the top-performing currency every year since 2010.
Date: May-19-2017 10:42:32 PM
Bitcoin Prices Continue to Surge, Regularly Breaking Records
BITCOIN OR BUST
Early adopters of Bitcoin, the novel currency sweeping the globe, have plenty to celebrate this year. The cryptocurrency has grown in value by 85 percent in 2017. It has enjoyed steady growth, topping $1,700 for the first time ever today. This is the latest milestone for the digital currency, however back in March, Bitcoin surpassed the value of gold for the first time in its history. And, there are no indications of it slowing down.
The previous success of the currency has been tied to the uncertainty in markets after the results of the 2016 US elections. However, that explanation can’t continue its potency for that long. Even more, the US Securities and Exchange Commission (SEC) still has to rule on whether or not they will reverse a previous decision to reject a high profile exchange-traded fund (ETF), so the reasons behind the currency’s burgeoning strength remain unclear.
Last month, Japanese policymakers made Bitcoin a legal method of payment. This was followed closely by an announcement that Russia would consider adopting Bitcoin (among other cryptocurrencies) in 2018. However, not all countries are readily willing to consider legitimizing Bitcoin. China, for example, has recently decided to restrict its trade.
Even with some minor hiccups, Bitcoin is set to revolutionize the way that we pay. Its footing keeps getting stronger as it continues to be the top-performing currency since the start of the decade, save for 2014.
The Japanese adoption of the currency could be a considerable boon toward it hitting the mainstream. Experts are expecting retailers in more than 260,000 stores across the country to be accepting Bitcoin. The ease afforded by the currency being international could make it a favorite for travelers as well.
The future of Bitcoin may not be entirely clear. But, if this upward trend continues, it will be difficult for policymakers to deny its rightful place in the pantheon of finance.
Date: May-10-2017 11:32:06 PM
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Date: May-1-2017 08:42:26 AM