Bitcoin passes $3000 mark for the first time

Bitcoin passes $3000 mark for the first time

On Chinese exchanges such as BTCC, the currency traded about $40 to $60 above that price.

Infamous from a recent global ransomware attack that demanded payment in bitcoins in exchange of unlocking the encrypted data, the cryptocurrency was traded by many victims in thousands of dollars, which could also be one of the reasons we're seeing the bitcoin market flourishing these days. But the price of bitcoin is now based in large part on speculation about growing adoption and innovative future applications.

The billionaire and investor Mark Cuban has described Bitcoin's rise as a bubble, even in spite of his optimistic perspective toward cryptocurrencies in general. "The resumption triggered a short-term price rally". "Bitcoin has under performed other coins this year, it is now playing catchup".

June began with prices roughly around the $2,300 mark. The country's three largest bitcoin exchanges recently announced their customers could once again withdraw their coins as real-world currency, having halted withdrawals back in February.

The fast-growing cryptocurrency features additional security features that Bitcoin and others lack, which has led some to speculate that Ethereum could actually overtake BTC's price in coming years. As CNBC noted earlier today, increased interest from Asian investors has helped the digital currency to maintain its continuing price surge.

A 30-day bitcoin price chart at Coinbase. If Cuban is correct, you may not have much more time to decide to get in on this action before that bubble bursts - so keep your eyes open. "The biggest uncertainty in this industry is the possible tightening of rules by China's government, who always take measures to curb the overheated market".

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