Bitcoin again rises – this time to record high of $412

on Nov 13, 2013
Updated: Oct 21, 2019

**, Wednesday 6 November:**

The value of Bitcoin has today hit a new all-time high of $412.00, well above April’s peak of $266.
Over the past two months, the value of one Bitcoin against the US dollar has more than doubled, despite the closure of the online marketplace Silk Road which processed payments in the digital currency.
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Silk Road facilitated commerce in illegal goods and services, with American prosecutors calling it “the most sophisticated and extensive criminal marketplace on the Internet”. About 600,000 Bitcoins worth about $2.4 billion have been exchanged on Silk Road, but the boom was lowered with the arrest of founder Ross Ulbricht on 1 October.

“I thought Silk Road is going to do some damage to the price,” said Ugo Egbunike, director of business development at IndexUniverse, “but with BTC China buying this up — they seem to have picked up the slack.”
BTC China is now the world’s largest Bitcoin exchange, with an ever-growing number of Chinese seeing the ‘cyber-currency’ as an investment opportunity. The Beijing-based exchange is apparently operating, at least for now, with the blessing of the PRC’s communist administration.

The pie chart on the left shows the trade volumes in the top four exchanges over the last 24 hours. Notably, BTC China takes up around 37.5 percent of the total book.

Bobby Lee, BTC China’s chief executive, believes that what is currently happening in China is just the beginning of a global trend. Lee considers the increased interest in the PRC as the main reason behind the phenomenal rise of Bitcoin’s price but he sees further room to the upside. “With this human nature, I expect bitcoin prices to continue to be volatile in the coming years, until it reaches a more stable worldwide price point, which I expect to be much higher than today.”

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At the beginning of April this year, Bitcoin sky-rocketed from well under $100 to $266 in a matter of days, when fears of a bank run in Cyprus supposedly led to mass investment in the digital coin. Once the Cyprus crisis was resolved, the exchange rate with the dollar just as quickly sank to about $50.
While fears remain of a repeat of Bitcoin’s ‘Black Wednesday’, the digital currency is so far defying the sceptics. Analysts suppose that the continuing and currently hot demand for Bitcoin is because of increased awareness about the benefits of the product and its improved acceptance as a payment mechanism. By way of examples, the world’s first Bitcoin ATM machine was recently launched in Vancouver, while Subway sandwich shops in the US now accept payments by Bitcoin.
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