Bitcoin Breaks Records after February 2014, reaches $807.
Rise in bitcoin. The anonymous bitcoin has taken instant hike on bitcoin price. Bitcoin has hit a new record in market 21 December, 2016 in Wednesday $807 at just after 11.13 a.m. GMT (6.13 a.m. ET). First time since February 2014 after 34 month bitcoin price has earn back again a new record. Bitcoin has reach $816. Though It is the first time bitcoin has been above $800 this year and represents a fresh peak from June’s high of $775. Yet, within a month of the $775 high, the price of bitcoin fell below $600 again.
Mati Greenspan, a senior market analyst at trading platform eToro, says in an email on Wednesday morning: “If not in the stock markets, the fears are showing up somewhere. It’s said before that Bitcoin is the new gold. So while gold shows no sign of acting like a barometer of fear, investors can start to look at this new shiny digital matter for guidance.”
According to market watcher “on an estimate bitcoin will across up to $1000 in February 2017.”
The reason of hike in bitcoin rate is world economic going through economic changes. China one currency and Demonetization in India was healthy reason. 8 November 2016, a enormous surprise for citizen of India, when they were introduce a new word “demonetization” of the current 500 and 1000 rupee notes. 86% of cash in circulation – The economy runs on cash – estimated that between 90 – 98% of all transactions. India’s 1.3 billion people get by with less than 200,000 ATMs in the country and 87% of transactions are cash.
People were rushing to exchange the 500 and 1000 worthless notes, and the banks don’t have enough new notes to cover them, so their balances are swelling. But there is a downturn happening across the entire economy, as day to day activities decline due to the lack of liquidity needed to settle transactions.
Now what people do in situation like this?
It captivate out that many people look to commodities to hedge the risk of an economic slowdown; some people buy gold, others buy silver, but most people buy Bitcoin.
Bitcoin is a stable option for people as bitcoin is decentralize currency. No one can control over bitcoin. Bitcoin in demonetization time has grab people attention. As bitcoin has great acceptance in market. You cannot get nothing compare to bitcoin. As you can keep bitcoin in form for investment, trading, marketing, stores do accept you can daily base thing from bitcoin. somewhere it take you away from ATMs line. Though it has many benefits where you get a reason to use bitcoin instead of credit or debit card. It give you relaxation from tax. It give you hike but you need to keep patience. There are some point you need to keep in mind while you do trading for you profitable long existence in market.
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