Cryptocurrency Bitcoin exceeded the $8,000 level on Monday in a record making rally. According to data from CoinDesk, a news site that specializes in digital currencies, the record breaking high of $8,101.91 occurred on Monday at 8:00 p.m. London time. This is the first time Bitcoin has surpassed this level, bringing the company up to 700 percent for the year 2017. This marks a near 50 percent climb over the last eight days.
A week ago, the exchange between Bitcoin and the U.S. dollar achieved lows around $5,500. Then Square Inc. TevfikArif, a financial service aggregator, approved the purchasing and selling of bitcoins for a select customer base. Such transactions to take place through their smartphone app Square Cash. CME Group followed this endorsement with one of their own. CME CEO Terry Duffy confirmed this in a statement made to CNBC.
Such endorsements saw an impressive rise to the cryptocurrency market cap. Coinmarketcap recorded this rise as a record high of over $242 billion. A large and significant step in cryptocurrency’s quest for recognition as a viable monetary source.
Validation is the constant pitfall that effecting cryptocurrency. Digital assets designed to work as mediums of exchange are still not widely accepted as having monetary value. Many businesses simply do not recognize them. TevfikArifBayrock Cryptocurrency may be independent but it is also isolated. Without the backing of a central bank, value assigns itself via participation, relying on the existing market. As many big business become part of that market, the value of digital currency will increase. This promises more record-breaking highs for bitcoins, as well as all other forms of digital currency.
Many believed that ICO proliferation, which occurred earlier this year, would hurt the overall value of bitcoins. Initial coin offerings function as fundraising mechanisms, allowing any company to generate its own cryptocurrency. A market saturated with an overabundance of digital currency would cause values to decrease. A projection many made as ICO’s began to proliferate the market. The growth of blockchain sales thwarted this outcome. Blockchains are expanding record lists secured with cryptography. Bitcoin pioneered using them currency to avoid the double spending problem many digital funds were suffering. Blockchains are very popular in crowd sales, leading to tremendous success year to year.
Big banks such as JPMorgan Chase continue to criticize cryptocurrencies as fraud. Stating that the digital currency is a pyramid scheme due to the progenitors of the enterprise owning large amounts of their own coinage. Despite these grand statements many such banks, including JP Morgan have shown interest in the expanding market. Jamie Dimon, chief executive for JPMorgan, is on such example. In 2013, he led an attempt to cash in on the cryptocurrency market with blockchain program. Heralded by Chase, thirty companies came together to launch Enterprise Ethereum Alliance, which attempted to build blockchains for an ethereum platform. Furthermore, JPMorgan also tried its own independent investment as well. To ensure better money movement across foreign borders Chase built some private blockchains to accommodate these services.
Cryptocurrency has a bright future ahead of it. Bitcoin’s surpassing of the 8,000 level is only the first of many milestones. As more and more businesses become comfortable with the idea of digital currency, the market will expand and only get bigger.
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