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Bitcoin vaults to new record above $4K, boosted by Japan and multiplying its value fourfold
Source: CNBC
Bitcoin vaults to new record above $4K, boosted by Japan and multiplying its value fourfold
Evelyn Cheng
Published 4:08 PM ET Sat, 12 Aug 2017 | Updated 16 Hours Ago
The digital currency bitcoin vaulted to a new record high above $4000 on Saturday, boosted by strong Japanese demand on its way to multiplying its value fourfold this year.
Bitcoin hit an all-time high of$4,225.40 early Sunday before slightly paring those gains to trade near $4,000, according toCoinDesk.
The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin's market value is now around $64 billion, up about $10 billion in the last week.
Bitcoin trade in Japanese yen accounted for nearly 46 percent of global trade volume, up from about a third a day ago, according to CryptoCompare. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. Bitcoin trade in Chinese yuan and South Korean won accounted for about 12 percent each.
The surge picked up speed in the last week, mirroring gold's climb amid a global selloff in stocks and bonds. Rising worries about North Korea's nuclear threat have sent investors flocking to perceived safe-havens and alternative assets.
-snip-
Evelyn Cheng
Published 4:08 PM ET Sat, 12 Aug 2017 | Updated 16 Hours Ago
The digital currency bitcoin vaulted to a new record high above $4000 on Saturday, boosted by strong Japanese demand on its way to multiplying its value fourfold this year.
Bitcoin hit an all-time high of$4,225.40 early Sunday before slightly paring those gains to trade near $4,000, according toCoinDesk.
The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin's market value is now around $64 billion, up about $10 billion in the last week.
Bitcoin trade in Japanese yen accounted for nearly 46 percent of global trade volume, up from about a third a day ago, according to CryptoCompare. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. Bitcoin trade in Chinese yuan and South Korean won accounted for about 12 percent each.
The surge picked up speed in the last week, mirroring gold's climb amid a global selloff in stocks and bonds. Rising worries about North Korea's nuclear threat have sent investors flocking to perceived safe-havens and alternative assets.
-snip-
Read more: https://www.cnbc.com/2017/08/12/bitcoin-vaults-to-new-record-above-4k-boosted-by-japan-and-multiplying-its-value-fourfold.html
