Industry Reports

Bitcoin Trading Price Spikes Sky-High Fresh Record Level

As the world has started to use digital platforms for almost everything, the currency has kept pace with the latest changes and it has adapted to the digital payment method. This gave a green light to the development of cryptocurrencies, which have exploded in popularity in the recent years. This led to a red-hot trend, which found its perfect place in the online gambling industry. According to the latest updates, cryptocurrency technologies have grown as a payment method in the betting sector. The frenzy seemed to have quieted for a while, as many countries opposed to regulating the use of cryptocurrencies. But that was a hush before the storm as in trading Sunday Bitcoinโ€™s price has reached a record-high level of $6,306.58.

This Sunday, Bitcoin broke its previous record on the trading market. As it can be recalled, Bitcoinโ€™s previous record of $6,183 was reached on 21st October and remained unchanged for 8 days. From the beginning of the year, Bitcoin has increased with over 500% against the dollar. The dramatic rise is triggered by the great interest, which Bitcoin has provoked. In the beginning of January this year, Bitcoinโ€™s trading price was below $1,000. At present, it has reached the staggering price of over $6,000. Industry insiders even projected that Bitcoin will continue to grow, reaching another record-high level of $6,500 very soon. According to a data from CoinmarketCap, the total value of all Bitcoins is more than $100 billion after the Sundayโ€™s spike.

Mere hours after Bitcoin has set its new record, prices went slightly down to an average of $6,166. According to a Google Trends statistics, searches for “bitcoin” and “bitcoin price” are nearing record-high levels. Experts noted out that the hike of Bitcoinโ€™s trading price comes at a time, when the cryptocurrency is at its peak.

China Allegedly Considers to Lift the Ban on Cryptocurrencies

The reasons for the dramatic rise are still not clear, but there are already certain theories related to Chinaโ€™s interest to the digital payment method. According to industry experts, the news for Bitcoinโ€™s price increase came a week after a report released by Coin Telegraph. It claims that the 19th National Congress of the Communist Party of China will probably discuss the invalidation of a ban on Bitcoin exchanges, which was first introduced in September. As it can be recalled, the country also prohibited initial coin offerings (ICOs), explaining that it fears a flurry of illicit activities such as money laundering. Supposing that China decides to invalidate the prohibition on cryptocurrency and ICOs, that will significantly boost the already proliferating future of the digital payment methods.