Bitcoin reaches an all-time high of $5000

Bitcoin reaches an all-time high of $5000

Beijing's crackdown saw bitcoin's price plunge some 40 percent before recovering, the latest move in its rollercoaster existence which began in 2009, when it was worth just a handful of cents.

Bitcoin prices, up more than 400% this year, eclipsed $5,000 on Thursday. This was a huge setback to the industry which led to around 30% fall in the bitcoin prices in a matter of a few days. On the one hand, China is closing Bitcoin trading in the country, Russian Federation is planning to implement a ban on the access to Bitcoin exchange websites in the country.

What are your expectations from the ongoing Bitcoin boom?

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So what explains Bitcoin's rise? People are continuing to hold "initial coin offerings" of newly invented cryptocurrencies. While the week-to-week growth is 18.75%, the month-to-month increase is around 23 percent. But what is slightly less intuitive is that those supporting Bitcoin2X have to buy the currency as well. Legal and logistical barriers make it hard to sell a newly created cryptocurrency for conventional currencies like dollars or euros. President Vladimir Putin said this week that Russian Federation should regulate bitcoin trading in order to combat money laundering and the funding of terrorism, but, while this was widely reported as an anti-bitcoin move, he also said there should be no "excessive barriers" to the use of cryptocurrencies. A higher number indicates greater price volatility with 50 describing an average day. The August fork split the Bitcoin network in half, creating a new cryptocurrency called Bitcoin Cash that was a ideal copy of the original Bitcoin network-including its transaction history. In fact, it might make holders of existing Bitcoins richer. Whatever might be the reason, it's interesting to see Bitcoin's journey.

Available on GitHub, the code has already been used to execute what startup Altcoin Exchange claims is the first so-called "Atomic Swap" between the biggest cryptocurrencies by market cap, Bitcoin and Ethereum, when they traded bitcoin with ethereum, between two different blockchains. In the light of Bitcoin split the altcoins owners are in a state of ambiguity which is why they are going back to Bitcoin for the investments.

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