MONDAY, 25 SEP 2017

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Antonio Guterres: Ready to Deploy His Good Offices Mission

Ionas Nicolaou: Calls for Unity to Counter Turkish Intransigence

IMH LTD
PwC_22/09-08/10_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

MTN Offers Students Discount on 4G Broadband in a Box

MTN gives University and College students what they need: MTN 4G Broadband in a Box with ...

Development of a Transport Analytics Centre of Excellence in Cyprus

The kick-off meeting of the European Project TrACE, “Transport Analytics Centre of ...

Michaelides Revises Cyta's 2016 Profit Down To €30m

State-telecom Cyta, which escaped privatisation last year, posted two-and-a-half times ...

FROM AROUND GOLDNEWS

   

Bank of England Warns Consumer Debt Crisis Could Cost Banks Billions

Stress test reveals lenders are underestimating exposure to bad debt in face of an economic downturn  The Bank of England has issued its ...
   

AXIA Ventures Group Expands Further in Europe

Milan, Italy, September 22nd, 2017 – AXIA Ventures Group ("AXIA"), a subsidiary of AXIA Financial Group UK (“AFG”), announces today ...
   

C-Suites Spend an Afternoon Looking to the Future

EY is presenting the 13th CFO Management Forum in the afternoon of Wednesday, 25 October 2017 at the Hilton Park Hotel in Nicosia. The forum will present and ...
   

PwC Retains Leading Position in Cyprus Market

PwC presented its financial results for the financial year ending in June 2017 during its annual meeting held on Friday, 22 September in Limassol. The ...
   

Cyprus Shipping Chamber: Cyber Security Case Study

The Cyprus Shipping Chamber, noting the increased concerns of its Members, and our industry in general, with regards to Cyber Security threats, decided to ...
   

Getty Foundation Awards Grant for The Cyprus Institute Research on Mediterranean Cities

The Getty Foundation, as part of its Connecting Art Histories initiative, has awarded a major grant to The Cyprus Institute (CyI), in support of a new research ...
   

Palmas: We Seek a Viable Solution to End Occupation and Unite Cyprus

Our aim is to achieve a viable solution that will reunite the island divided since 1974 Turkish invasion and put an end to the Turkish occupation leading the ...
   

Foreign Ministers of Cyprus, Greece and Egypt Express Support for Cyprus Settlement

Foreign Ministers of Cyprus, Greece and Egypt held a trilateral meeting on Friday, at UN Headquarters, and expressed support to Nicosia’s efforts for a ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Issue_300x250px

IMH LTD