Ethereum hit an all-time high on Thursday as investors bought the cryptocurrency before the launch of ethereum futures on the Chicago Mercantile Exchange next week.
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Billionaire Elon Musk said on Monday bitcoin was “on the verge” of being more widely accepted among investors as he expressed his support for the cryptocurrency.
Bitcoin jumped as much as 14% on Friday to a two-week high after Tesla CEO Elon Musk tagged the cryptocurrency in his Twitter biography.
The Financial Sector Conduct Authority wants more power to prosecute perpetrators of fraud and oversee dealing in cryptocurrencies after the collapse of a bitcoin trader.
Bitcoin’s price could exceed $50 000 over the longer term as the digital asset vies with gold for investment flows, according to cryptocurrency exchange Luno and brokerage OSL.
Ether, the second biggest crypto asset after bitcoin, hit its previous all-time high of US$1 400 this month and is trading at 130 times its price of four years ago. Astonishingly, the rally may be far from over.
Bitcoin wavered on Friday and was heading toward its sharpest weekly drop since September, as worries over regulation and its frothy rally drove a pullback from recent record highs.
Bitcoin slumped 10% on Thursday to a 10-day low of $31 977 as the world’s most popular cryptocurrency continued to retreat from the $42 000 record high hit on 8 January.
The investigation into a failed South African bitcoin trader is deepening as provisional liquidators appointed to seize control of Mirror Trading International seek to widen the scope of their inquiry.
More big investors are speculating that bitcoin will gain wider acceptance and shake up the financial world, maybe by filling the role of gold as a hedge against inflation better than gold can.