Bitcoin breaks all its previous records smashing through $8,000 for the first time!
For the first time over the weekend Bitcoin is marking an almost 50 percent climb in just eight days.
This record has been attained after leading U.S. payments company Square Inc said late last week that it had started allowing select customers to buy and sell bitcoins on its Cash app.
Bitcoin traded as high as $8,197.81 on the Luxembourg-based Bitstamp exchange, up over 2 percent on the day and around 48 percent up since dipping to $5,555 on Nov. 12.
Bitcoin traded 2.3 percent higher at $8,216.80 as of 4:18 p.m. Bitcoin first broke the $8,000 handle on Sunday.
Standpoint Research founder Ronnie Moas said in a note offered to the clients Monday that Bitcoin could go even higher, He said, “There have been many positive developments during the last five months and a few of the obstacles that were in Bitcoin’s way have been knocked down.”
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.
In the meantime, 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.
Also, there is a 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.
Bitcoin is an extremely volatile asset and has shown wild swings in price till now.
