Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
»
1-min read

Bitcoin Crosses $1,000 Barrier; Soon to Break Its Own Record

Its value has more than doubled in the last year and it was trading at around $1,024 in afternoon European trading on Monday, after breaking through the $1,000 mark on Sunday.

AFP Relaxnews

Updated:January 3, 2017, 1:23 PM IST
facebookTwitterskypewhatsapp
Bitcoin Crosses $1,000 Barrier; Soon to Break Its Own Record
Behind Bitcoin Boom, Japanese Retail Investors Pile in (Image: REUTERS)
Loading...

The value of Bitcoin surged above $1,000 on Monday as the digital unit continues a dizzying rise that made it the best-performing currency of 2016.

Its value has more than doubled in the last year and it was trading at around $1,024 in afternoon European trading on Monday, after breaking through the $1,000 mark on Sunday.

It is now within reach of its historic high of more than $1,200 reached in 2013.

Also read: What Is a Bitcoin? All That You Need to Know About the Cryptocurrency

Some analysts believe the rise in Bitcoin is due to some investors treating it as a safe-haven, like gold, at a time of global uncertainty.

Others believe buying is being driven by speculative demand, with investors anticipating future rises and creating an unsustainable bubble.

Bitcoin was launched in 2009 as a bit of encrypted software written by someone using the Japanese-sounding name Satoshi Nakamoto.

Also read: Bitcoin's Total Value Hits Record High Above $14 Billion

Earlier this year secretive Australian entrepreneur Craig Wright said that he was the creator, but some have raised doubts over his claim.

Supply of Bitcoin is limited and it trades in cyberspace. As well as being an investment for some, it is also used for illicit transactions beyond the reach of law enforcement for drugs or arms on the internet.

Its value has fluctuated wildly since its creation, with news of a major Bitcoin theft by hackers in August sending its price plummeting by more than 20 percent.

Unlike traditional currencies such as the dollar or the euro, which require the sponsorship of a central bank, Bitcoin is decentralised.

Encrypted digital coins are created by supercomputers and then traded online or exchanged for goods and services by a network of users.

Also read: Unocoin Launches Bitcoin App For iOS, Android

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Sarthak Dogra
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results