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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |