Bitcoin Hits New Record High, Breaking $8,000 For the First Time

Business » FINANCE | November 20, 2017, Monday // 16:25
Bulgaria: Bitcoin Hits New Record High, Breaking $8,000 For the First Time

Bitcoin hit a fresh all-time high Monday above the ,000 mark after a wild week for the cryptocurrency.

On Monday around 12:25 p.m. London time, it hit a record high of ,121.56, according to data from industry website CoinDesk. Bitcoin first broke the ,000 handle on Sunday.

The rally comes on the back of a huge sell-off on Sunday, November 12, where the price of bitcoin fell to around ,500. That low, to the record high on Sunday, marks a more than 47 percent increase in the cryptocurrency's price.

Bitcoin's price dip last weekend came after a proposed upgrade to the bitcoin network, SegWit2x, which was planned for November 16, was called off. The aim was to increase the transaction speeds of bitcoin, which has increasingly slowed down over the years. If the upgrade had taken place, it would have caused what is known as a "hard fork," causing a new bitcoin spin-off to be formed.

Meanwhile, there has been a slew of positive news which has supported the bitcoin price. Favorable regulation in Japan has managed to offset the clampdown from regulators in countries including China and South Korea.

And there is also potentially rising interest from institutional investors and new products coming onto the market to allow new participants access to bitcoin. CME Group announced plans to introduce a bitcoin futures contract which could help more institutional investors get involved with the cryptocurrency.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: bitcoin, price, cryptocurrency
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria