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

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.

OEMs checking on auto body parts following Kobe Steel revelations
On Wednesday, Kobe Steel said a steel-powder product, which is used to manufacture parts such as gears, also could be a problem. Mr Tsuchida insisted that Kobe Steel was taking all necessary steps to investigate how this happened.

"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.

Arby's venison sandwiches soon available at every Arby's in MI , limited supply
The chain's chief marketing advisor, Jim Taylor, was quick to point out that Arby's expects both sandwiches to sell out fast. Last year, the roast beef fast food chain tested the sandwich in five "hunting-centric markets", including Wisconsin.

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.

Swiss authorities open proceedings against PSG chief over World Cup rights
The OAG announced on Thursday it is investigating the awarding of World Cup media rights for the 2026 and 2030 tournaments. Findings obtained in that process have led to a separate line of inquiry involving PSG president Al-Khelaifi.

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