Price of Bitcoin skyrockets to new all time high

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Bitcoin jumped to a new all time high over the weekend, continuing its upward trend throughout 2017.

By Monday, the cryptocurrency hit a high of $1,422.22.

It is not known what is driving the rise in Bitcoin, especially after the digital currency suffered a number of setbacks in recent months.

In March, regulators in the US rejected plans to create a Bitcoin exchange traded fund, citing security concerns.

Despite this, 2017 continues to be a great year for Bitcoin and its surge in value is likely the result of global markets starting to warm to the cryptocurrency.

Last month, Japan officially announced it would recognise Bitcoin as legal tender.

“The Japan virtual currency act has likely had a major impact, as there has been a lot of buzz in Japanese media over the ruling over the last few months,” Aurélien Menant, founder and CEO of Gatecoin, told CNBC.

Meanwhile, Russia has also said that it plans to recognise Bitcoin as legal tender by 2018 in a bid to crackdown on money laundering.

In February, the Stock Exchange of Thailand announced it would launch a blockchain based marketplace for startups later this year, according to a recent report in the Bangkok Post.

Blockchain is the technology that underpins bitcoin and other cryptocurrencies.

Coindesk reported that Bitcoin prices are currently averaging $1,402.03 and at the time of writing was valued at $1,414.35.

Overall the value of Bitcoin has tripled in just 12 months and its value is likely to surge further should the U.S. Securities and Exchange Commission reconsider its decision regarding plans to create the first bitcoin exchange-traded fund.

Via: Coindesk

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