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November 3, 2017

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Bitcoin hits more than US$7,000

Source: Agencies | 00:28 UTC+8 November 3, 2017 | Print Edition

DIGITAL currency Bitcoin rocketed above US$7,000 for the first time ever yesterday, after a more than sevenfold increase in its value since the start of the year.

Bitcoin has seen eye-watering gains in recent months and has more than doubled in value in the past seven weeks alone. It hit as high as US$7,066.44 on the Luxembourg-based Bitstamp exchange yesterday.

The latest rally was driven by news earlier this week that the world’s largest derivatives exchange operator CME Group is to launch bitcoin futures.

The price move takes bitcoin’s aggregate value, or “market cap” — its price multiplied by the number of Bitcoins released into circulation — to over US$117 billion, according to industry website Coinmarketcap.

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