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.
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.
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