Bitcoin at Record High; Breaches $6,000 Level

Bitcoin at Record High; Breaches $6,000 Level
  • Bitcoin at Record High; Breaches $6,000 Level

The world’s most famous digital currency, Bitcoin, reached another milestone on Saturday following the rumour of cash shortage in Zimbabwe and an increase in margin trading.

The cryptocurrency rose above $6,000 for the first time on Friday before peaking at $6,147 a coin on Saturday. So far, the cryptocurrency has gained more than 600 percent in 2017.

Bitcoin at Record High; Breaches $6,000 Level

The gain came after the coin suffered its biggest one-day decline in a month on Wednesday as investors fear policymakers would target the digital currency following president Putin and JPMorgan Chase CEO Jamie Dimon’s comments on the high flying virtual currency.

Speculation continued to fuel Bitcoin rush even as regulators prepare to tighten trade policy of cryptocurrencies.

Experts like Brian Kelly, a digital assets manager attributed the surged in price to expectations that Bitcoin will rise above $6,000 level, especially after the report of the coin already trading at $7,200 in Zimbabwe became public.

“In the last 24 hours and really the last few hours there has been a massive inflow of capital into bitcoin, significantly outweighing the amount of new money flowing into other cryptocurrencies,” said Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital.

The dominant cryptocurrency was trading at $967 a coin as at January 2017.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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