Bitcoin hits record high of $1900 on Asian trading feverMay 20, 2017 - 16:21 AMT PanARMENIAN.Net - The cost of the digital currency bitcoin hit a new record on Friday, May 19 trading above $1,900 for the first time. The surge was driven by increased trading activity in Asia spurred by global political uncertainty, RT reports. The cryptocurrency was trading at $1,951.44 as of 02:33 pm GMT. Its market capitalization has gained $3.7 billion since Monday to almost $32 billion. Experts link the growing value of bitcoin partly to a surge in trading from Japan and Korea. Tokyo recently approved bitcoin's use as a legal currency for retailers. Japan and Korea now account for two of the top five bitcoin trading markets in the world. “Japanese and Korean markets are trading at a strong premium as Asian fever is leading the price. Although scaling and the transaction backlog is an issue – bitcoin is defying its negative fundamentals,” the CEO of CryptoCompare.com Charles Hayter was cited by Finance Magnates portal. Analysts say political turmoil could also be supporting bitcoin while investors see the asset as a "safe haven" against geopolitical risks. Experts note a broader boost in the whole cryptocurrency market with the rise of digital currencies such as ripple and litecoin. "The new developments on litecoin, which is experimenting with alternative scaling solutions may offer a brighter future for bitcoin, and a longer-term price increase, if those similar solutions can be applied to its network," Aurelien Menant, founder, and CEO of Gatecoin, a regulated bitcoin and ethereum token exchange based in Hong Kong, told CNBC. The total market capitalization of all cryptocurrencies has gained $11.3 billion since Monday to hit $67 billion. So how much would an early bitcoin investor make if he held on until today? The cryptocurrency traded at 6 cents for most of 2010. So a $100 investment would have bought you 1,666 coins, which are worth over $3 million as of Friday. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Ameriabank named Best Bank in Armenia for 2024 by Global Finance Ameriabank has been named the Best Bank in Armenia by Global Finance magazine in its 31st annual awards. Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. Lavrov rejects Armenia’s “defamation” of Russia, CSTO Lavrov decried the Armenian leaders’ “defamation” of Russian soldiers and border guards deployed in Armenia. U.S. reacts to Russia’s criticism of upcoming Armenia-EU-U.S. meeting Matthew Miller has weighed in on Russia’s criticism of an upcoming Armenia-EU-U.S. meeting. |