Bitcoin Soars Close To Record High $9,000 Price Level – Market News Store

Bitcoin Soars Close To Record High $9,000 Price Level

There was a great surge in the value of bitcoin and it has reached near $9,000 on Monday. This was its highest value ever since May11 of last year. As per Coindesk’s Bitcoin Price Index, which keeps track of the crypto currency prices of several exchanges, the price of bitcoin reached $8,937.25.

There was a 9% rise in the value of bitcoin by around 9.50 am HK/SIN on Monday and it was trading at about $8,788. 87. There was a renewal of interest in the crypto currency over the previous weeks and there was 140% rise in its price this year. There was an increase in some of the firms experimenting and coming up with products related to crypto-currency. The Taiwan phone producer HTC has released a phone whose main focus is to help people to store digital coins. Facebook is also working on its cryptocurrency. Fidelity has launched a new firm with a view to help institutional investors in trading bitcoin.

Other crypto currencies also saw a surge on Monday. Ethereum which is the second biggest digital coin had a 7% rise in value from that of its previous day at about 9.50 am HK/SIN. Bitcoin was at its all-time high value of about $19,000 towards the late 2017.

An expert of crypto hedge fund commented that as more traders have started accepting the currency, more people have adopted the currency. However the recent debacle in the price of crypto currency is still concern for the majority of the investors. This is also a concern for the future price increase of the crypto-currencies. Some investors might pull back from the market by taking advantage of the higher price. It will take time for the speculators to move out of the market and market will function on the basis of fundamentals.

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