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BANKING AND INSURANCE

A record breaking increment for Bitcoin as it tops $3,400

A record breaking increment for Bitcoin as it tops $3,400
The Siliconreview
12 August, 2017

The most talked about digital payment system Bitcoin has hinted its growth above $3,400 to trade at all-time highs as many investors leveraged their confidence in the future endeavor of the digital currency.

Bitcoin’s price value climbed to almost 5 percent, to $3,451.86, up almost $600 from Friday’s $2,900 levels, as stated by CoinDesk. The year 2017 stands out to be the most fruitful year for Bitcoin as it has more than tripled and has gained 18 percent in August.

“If there’s something that shakes people’s confidence in crypto then they will sell off. The further we get into this game the less likely you will get something like that,” said Ronnie Moas, Founder of Financial research firm Standpoint Research. He stated that he’s “heavily invested” in digital currencies, and he reported prediction for Bitcoin that will reach $5,000 in 2018.

It seems the ascending prices of Bitcoin have been attributed to the recent split of the digital currency into Bitcoin and “Bitcoin cash” on 1st August. The divergence came into force after few sections of developers took their own idea of upgrading proposal to improve the transaction speed on the network. Bitcoin traded in yen rose to 42 percent of trade, and about 26 percent traded in dollars.