Published: Fri, October 13, 2017
Technology | By Russell Knight

Bitcoin soars to all-time high despite claims of a bubble

Bitcoin soars to all-time high despite claims of a bubble

The Bitcoin surged amid reports that with more regulation.

The last time bitcoin hit that mark, traders initiated a minor sell-off that evolved into a major downturn when China began prohibiting initial coin offerings (ICOs) and cryptocurrency trading just days later. Its price skyrocketed in December 2013 as well as mid this year. Bitcoin's #Market Capitalization has now reached $86 billion.

Bitcoin has an intraday high of $5280 and ended yesterday at $5226.

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He added that sanctions taken by Abbas against Gaza will also soon be lifted. Hamas and Israel fought three devastating wars over the past decade.

"It is worse than tulip bulbs", he said, referring to the infamous "Tulip Mania" of 17th century Europe, echoing sentiments expressed by the former president of the Dutch Central Bank, Nout Wellink, who joked, "at least then you got a tulip".

The bitcoin price went meteoric on Thursday, surging past $5,400 to shatter the all-time high it set at the beginning of September. "For bitcoin no such fundamentals exist".

The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble.

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The main reason why the valuation of Bitcoin is rising is due to a rise in demand for the cryptocurrency.

"Investors are seeing the lessons of history in the up-and-coming forks and hoping for an extra dividend", said Charles Hayter, co-founder of data analysis website Cryptocompare, adding that rumours on online forums that China could reopen exchanges could also be affecting the price.

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I think BCCI looking into it. "I always wanted to retire on a high", he added. "If I am leaving, I will leave completely". I realize that when I retire on November 1, there are five months before the next IPL and I could easily play.

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