Bitcoin Blasts Above $7000, Slams Previous Record

Violet Tucker
November 3, 2017

At the time of writing, the price of Bitcoin managed to hit a new all-time high for the third time in nearly as many days, surpassing the coveted $6,000 mark and peaking at a global average of $6,609.

So what spurred bitcoin's big move?

Bitcoin breaks another record as the price of the cryptocurrency continues to rise, driven by new bullish trading since Tuesday, Oct. 31.

According to the newspaper, participants in India's bitcoin market expressed their disappointment as they were hoping for some form of a legislation to regulate the activities of local exchanges. Unfortunately, such a device isn't now available, so the chance of seeing where Bitcoin will be in the next 10 years is not possible.

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Cryptocurrency bitcoin has been experiencing one tremendous rally this year.

Some 17% of survey respondents said they plan on investing in bitcoin in the future, while roughly the same number-slightly more than 18%-plan to invest in ether, the token that grants access to the Ethereum network, which powers the smart contracts that have enabled the launch of hundreds of new digital tokens this year. One more thing that the new milestone opened is the increase in the total market value of the coin which is now topped at $189 billion, another milestone for the cryptocurrency.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge. Van Petersen is the same analyst who rightly predicted that the cryptocurrency would reach $2,000 in 2017. Just like gold futures, Bitcoin is looking to enter the same market all thanks to the CME Group. The fact that the digital currency is widely used around the world either as a trading asset or as a payment choice indicates its usability and growing dominance. Bitcoin has again attained a new record, jumping over the US$7,000 barrier. This has had the effect of clung a surge in the price of bitcoin. She has encouraged banks and regulators to learn about the technology, and to be prepared.

Other reports by Guamnewswatch

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