• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Cryptocurrency

Bitcoin Is Now Trading Above $4,000 For The First Time Ever

Paul Balo by Paul Balo
August 13, 2017
in Cryptocurrency
Share on FacebookShare on Twitter

Bitcoin’s price is skyrocketing and there’s no sign that it’s slowing down. As of this morning, it was trading at $4,100 making it the first time the cryptocurrency will be hitting the milestone according to CoinDesk. It is even believed that the figure could hit $5,000 by year’s end to make it a great year for Bitcoin but the high price is primarily due to increased demand in Japan where it is estimated that Bitcoin trade in the Japanese currency accounted for about 46 percent global trade.

coindesk-bpi-chart

But it’s not only Japan that has seen an increase in demand, other factors like the tension between North Korea and the United States could be responsible for this. You see there are reports that there is now an increased demand in South Korea as well which means just like other natural resources like oil, if the tensions cool down, there could be a fall in demand which would likely drive the price further down.

There is also the theory that since Bitcoin survived the split which gave birth to Bitcoin cash, it means people have a level of confidence in it. If confidence levels are high, it has a way of affecting demand as well.

The other big reason for this could be that as Bitcoin endures even the worst of volatilities, it continues to push mainstream in that even some on Wall Street are beginning to embrace it. In the US, CNBC reports that mutual funds giant Fidelity has added a feature that would allow its customers to view their cryptocurrency (Bitcoin Litecoin and ethereum) holdings from their account. Goldman Sachs also indicated that it would soon become hard to just ignore cryptocurrencies in future in another sign that things are looking well for Bitcoin.

But it’s not just companies like hedge funds who are beginning to rethink their initial hard stance but government authorities as well. Russia, China and Australia have all indicated that they’ll be more involved at least from the regulatory sense which means the currency might be here to stay. Australia even wants to tax transactions which means they might one day start collecting revenue in Bitcoin.

There might be a scientific reason according to co-author of the upcoming book Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond Chris Burniske thinks there’s a correlation between Google Search and Bitcoin prices typically. This means that as people continue to search for things like “bitcoin” on Google, this could have an impact on its overall pricing which is why he warns that the correction would really be bad for those who have collected the cryptocurrency.

[xyz-ihs snippet=”Bitcoin-4k”]

There is another big test coming probably in November when it could split further in an upgrade proposal called Segregated Witness.

Related Posts:

  • Chromebook
    June Was Bitcoin's Worst Month On Record After The…
  • bitcoin-digital-economy
    June Was Bitcoin's Worst Month Ever, It Was Really Bad
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year
    Popular Bitcoin Family Reveals They’ve Had Bitcoin…
  • maxresdefault (9)
    "Bitcoin Family" Says They Have Lost Over $1m So Far…
  • Screenshot_2024-12-05-16-34-34-42_c0d35d5c8ea536686f7fb1c9f2f8f274
    Bitcoin (BTC) Rallies to Hit An All Time High of $100,000
  • Facebook laser
    El Salvador's President Says Bitcoin Investments Are…
  • Chromebook
    Bitcoin Hits Lowest Level Since June, Market Cap…
  • Bitcoin Lost More Than $150 Billion Over The Weekend, Currently Trading Below $25,000
    Bitcoin Lost More Than $150 Billion Over The…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: bitcoincryptocurrencymoneytrading
Paul Balo

Paul Balo

Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • NCC Requires Telecoms to Compensate for 24-Hour+ Outages May 26, 2025
    • Vietnam Will Soon block Telegram, App Owners are Surprised May 24, 2025
    • Widespread Downtime Reported By X Users May 24, 2025
    • MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market May 24, 2025
    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok