Price of bitcoin soars to all-time high of $8,000

PUBLISHED Sun, November 19, 2017 - 7:55pm EST
Credit: CoinDesk

The price of bitcoin soared to an all-time high of $8,000 on Sunday, staging a remarkable comeback after the digital cryptocurrency plunged as low as $5,500 just over a week ago. (more)

The price of bitcoin reached $8,101 on late Sunday, up from $7,776 at the beginning of the day, according to CoinDesk. The price fell slightly over the next few hours to close at $8,033 - the highest closing price ever for the digital cryptocurrency.

There was no clear reason for Sunday's rally, but it followed a remarkable comeback after the price fell as low as $5,500 on news that an update that could split bitcoin into two versions was suspended. The price returned to all-time highs over the past few days.

Despite this month's volatility, the price of bitcoin has risen sharply so far this year, going from $1,000 on January 1 to $5,000 on September 2. The increasing price has been driven by a number of factors, including increased interest in India, Venezuela, China, and Zimbabwe.

But regardless of the surging price, most mainstream investors are reluctant to participate, even though interest in the cryptocurrency is increasing. Most people at a Reuters investment summit said they believe the bitcoin market - which is now worth $134 billion - is a bubble that is destined to burst.

Nonetheless, financial market company CME Group has said it will launch bitcoin futures, a move that could further increase interest in the cryptocurrency. British hedge fund firm Man Group plans to add cryptocurrencies to its investment universe once CME launches bitcoin futures by the end of the year.

Bitcoins are intended to serve as an alternative for normal currencies and is not controlled by any country or central bank, making it an easy way for people to do business beyond the reach of government regulation. But the digital currency has suffered huge security breaches in the past and its exchange rate can rise or fall rapidly.

       4 UPDATES



More Updates

 2 months   Bitcoin in bear market territory

              Remember Bitcoin? This week it's been all about Longfin and litecoin and bitcoin cash. Well Bitcoin hit bear market territory down 21% from it's all time high of over $19,800 hit Sunday morning.

       4 UPDATES


 2 months   Price of bitcoin breaks $10,000 barrier for the 1st time

              The price of bitcoin soared to another all-time high on Wednesday and broke through the $10,000 barrier for the first time, nearly 9 years after the digital cryptocurrency was first created. The price has risen rapidly over the last few months. Read More

  World        4 UPDATES


 5 months   Chinese bitcoin exchange to stop trading, price plunges 16 percent

              Chinese bitcoin exchange BTCChina announced Thursday that it will stop all trading at the end of the month, ending days of speculation and causing the price of the digital cryptocurrency to fall by more than 16 percent. (more) Read More

  China        4 UPDATES



Happening Now

Measles cases surge more than 300% in Europe

Powerful 7.2-magnitude earthquake hits southern Mexico

‘Active shooter’ scare at Highline College in Des Moines, Washington

New York twin brothers arrested in bomb-making scheme

Massachusetts: Graciela Paulino charged with fatal shooting in Lowell


Listen to "BNO News - Breaking News Radio" on Spreaker.


Just want the important news? Sign up now for the fastest email alerts from BNO News. Click here to get started!


Powerful 7.2-magnitude earthquake hits southern Mexico

‘Active shooter’ scare at Highline College in Des Moines, Washington

Massachusetts: Graciela Paulino charged with fatal shooting in Lowell

Lockdown at North Broward Preparatory School in Coconut Creek, Florida

WATCH LIVE: Local TV coverage of Florida high school shooting


Trump blocks release of Democratic memo on Russia probe

Strong earthquake hits northeast Taiwan, killing at least 2

British court upholds arrest warrant against Julian Assange

‘Glee’ star Mark Salling found dead in apparent suicide

Canadian billionaire and wife were murdered, police say