FRIDAY, 26 MAY 2017

 

CONNECT

Facebook Linked In Twitter
PwC_15/05-26/05_728x90px
GloriaJeans_266x90px
IMH LTD

Kazakos Honoured for CSC’s Contribution to Blood Donations

Zenon Attends Cyprus-Greece-Israel Meeting in Athens

IMH LTD
Accountancy_468x60px

SERVICES

brought to you by Barclays

Bitcoin Jumps Over $1,000 For First Time in Three Years

Bitcoin Jumps Over $1,000 For First Time in Three Years

The price of bitcoin has breached the $1,000 mark, hitting a more than three-year high on January 2.

The cryptocurrency was trading at $1,021 at the time of publication, according to CoinDesk data, at level not seen since November 2013, with its market capitalization exceeding $16 billion.

According to CNBC, Bitcoin has been on a steady march higher for the past few months, driven by a number of factors such as the devaluation of the yuan, geopolitical uncertainty and an increase in professional investors taking an interest in the asset class.

"We are seeing the aftermath of zero interest rates run amok. So bitcoin is a healthy reminder that we don't have to hold on to dollars or renminbi, which is subject to capital controls and loss of purchasing power. Rather it's a new asset class," Bobby Lee, chief executive of BTC China, one of the world's largest bitcoin exchanges, told CNBC.

China is the source of the majority of trade in bitcoin and the devaluation of the yuan and fears over capital controls have contributed to the recent spike in the digital currency.

But several other factors have also had a notable impact. For example, bitcoin's price has appreciated around 137 percent in the past 12 months but got a big boost after Donald Trump won the U.S. election in November.

Another big event this year was in June when a change in bitcoin's underlying rules meant those who were "mining" the cryptocurrency – a process whereby users are awarded with bitcoin if they solve complex mathematical puzzles in order for a bitcoin transaction to go through – received less rewards. This was due to the process known as "halving," which essentially reduces the supply of bitcoin.

But overall, bitcoin experts said that the market is growing in terms of volumes and those participating, creating a "network effect" that will see the price rise further.

"The value of Uber in any city is directly dependent on the number of drivers and number of users, it's not linear it's exponential. The same is true of the value of bitcoin," Lee said.

MORE ON SERVICES

Kazakos Honoured for CSC’s Contribution to Blood Donations

Participating once again in the celebrations and the efforts to promote and support the ...

The Cyprus Institute Launches Summer Internship Program

The Cyprus Institute Graduate School has announced the launch of its Summer Internship ...

Cyprus Shipping Chamber Organises Blood Donation in Limassol

"European Maritime Day" is celebrated annually throughout the European Union on ...

FROM AROUND GOLDNEWS

   

Workshop: CSR/Sustainability Reporting Made Easy with the GRI Standards

Deloitte Academy and FBRH Consultants Ltd (GRI Certified Training Partner) jointly organise an open seminar/workshop where participants will be shown in simple ...
   

Potential Enhancement of Bilateral Ties Between Cyprus And Oman Discussed in Nicosia

The potential for further developing business and trade ties between Oman and Cyprus were explored during a Business Forum that took place in Nicosia on ...
   

Rebooted Nokia 3310 Goes on Sale

The rebooted Nokia 3310 has gone on sale, nearly 17 years after the original made its debut. The phone, which has a two megapixel camera and relies on 2.5G ...
   

Costas Argyrides: The New CEO of cdbbank

According to InBusinessNews, Costas Argyrides will be cdbbank’s new CEO, following the departure of Kyriacos Papadopoulos, who previously held the same ...
   

SmartWings Set To Link Larnaca with Prague

Low cost Czech airline SmartWings has announced that it will begin two flights every week between Larnaca and Prague as of next week. The flights are ...
   

Oil Prices Decrease by 5%

The price of oil has plummeted by about 5%, despite oil-producing nations agreeing to extend production cuts for a further nine months. Meeting in Vienna, ...
   

Government Expresses its Disappointment in Bloomberg’s Article About Cyprus

Government spokesman Nikos Christodoulides, following the defamatory reportage on Cyprus under the title "EU Passports for Sale in Cyprus Lure Rich ...
   

UCY: Economic Sentiment Indicator Rises by 2.3 Points

In May 2017, economic sentiment in Cyprus increased as the Economic Sentiment Indicator (ESICypERC) rose by 2.3 points compared with April 2017, according to ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Primetel_26/04-28/08_300x250px

IMH LTD