What is behind bitcoin surge

By Brian O’Connell. Yet, these technical developments likely reinforced expectations of a stronger rally ahead of the incoming halving, a scheduled, programmatic reduction in the amount of new bitcoin paid to miners. Google Firefox. There is a lot of positive institutional crypto news in the water recently. According to the researchers, an unidentified Bitfinex account used tether to manipulate the bitcoin price by creating unprecedented demand for the digital token. Story continues. The end.

WATCH: Bitcoin could be the biggest bubble in history – here’s how

Anatol Antonovici Aug 05, The 1 crypto asset is showing no signs of weariness today despite the worsening China-US trade tensions and growing fears of a global recession. For the CNY, this is the lowest level since April The central bank explained that the move is a reaction to upcoming tariffs on China. A cheaper Yuan helps China boost exports and offset some of the negative effects of the imposed tariffs. Unlike the US dollar or the euro, Yuan is not a free-floating currency. The PBOC achieves this by setting the price every day.

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This is fast becoming a reality as the coin is pumping up in price volume, and in past 24hrs highly impressive gains have been recorded. However, the dramatic upsurge has to be credited to the efflux of three major events over the past week. You see, during a period of global turmoil, the cryptocurrency has managed to outpace effectively every other asset class in the books. Operations began on July 16, , and services are available in roughly 15 different languages to traders of every country except Japan and the U. Coinfloor, a cryptocurrency exchange that operates multiple subsidiary exchanges, is joining hands with Trading Technologies International, Inc.

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The bitcoin value has soared recently and continues to rise as more and more people invest in the currency. So while we’re talking srge money, you may have heard over the last few weeks bitcoin is hot. As of today, one bitcoin is worth — well, I don’t even want to shat because by the time we finish this conversation, it could have changed.

We’re wondering what all this volatility means — bitcokn anything — behlnd we called Roben Farzad. He is a business reporter and the host of Full Disclosure, which covers bheind related to business and economics. Roben, thanks so much for joining us. Thank you. So as we just said, the bitcoin prices have been changing hour to hour. What do you make of all this? FARZAD: You know, I’m like so many of those other people on the sidelines on the cheap seats, saying, oh, it’s a speculative bubble, it’s a speculative bubble and once it breaks — what was it?

And increasingly, the cold-eyed observers on Wall Street can’t make sense of it. I mean, what does it bitvoin It’s kind of a Rorschach for whatever you want it to whst. But until pretty recently — I think I’m fair to say this — it had a somewhat of a negative reputation as the currency of cyber criminals. I mean, people — some people who’ve had the unfortunate experience of being hacked will say that, you know, that people offer what is behind bitcoin surge unlock their information if they’re paid in bitcoin.

Has the reputation changed? It’s not like you can walk into a Dairy Queen or something and pay with bitcoin. I mean, there are occasional Tech Crunch articles about a bitcoin atm. But it doesn’t have as much in the way of practical application right. I think for people who are skeptical about currencies like the ls and the dollar, that those central banks have just been printing left and right to get out of the global economic crisis, they just want something that’s decentralized — in theory, that is person-to-person, that cuts out the man and the middle man.

In practice, it really hasn’t gotten there. It’s more something that’s really run ahead of. It reminds me of the Internet browsers like Netscape and Mosaic when they first came out in ’93 and ’94, and everybody just thought that they were going to lead to a brave, new world. And they had to crash several times for people to understand what the true business justification for a price.

MARTIN: And I’m wondering if behibd number of people heard about bitcoin from family bktcoin over the Thanksgiving weekend or just because there’s been — there have been a number of stories in the media about it because of all these, you know, this wild kind of volatility.

And so that makes me wonder if some of this sudden surge is from people bitocin into it just because they’ve heard about it. I regret to inform your dear listeners that the Roben Farzad Iranian contrarian relative index has been triggered. When I hear skrge people I didn’t even know were related to me — Farzad, bitcoin is good. Should I buy it? That means you need to stay the heck away or get. And we are close to.

MARTIN: Before we let you go, what would it take to give this digital currency more legitimacy among professional investors and, frankly, users? I mean, what is the business case? FARZAD: For a system to work like this, you really need a major economy or a bifcoin corporation to somehow be able to bring it online and show that it can work in real time. Right now, I think it remains something in theory that sounds great.

You know, it sounds rebellious. It sounds like opting out of the. It sounds like you’re being an iconoclast by adopting it. In practice, you are hardly seeing it anywhere but these headlines about it running up 1, percent in a year.

He’s also the author of a book that has nothing to do bihcoin bitcoin called «Hotel Scarface. All rights reserved. Visit our website terms of use and permissions pages at www. NPR transcripts are created on a rush deadline by Verb8tm, Inc. This text may surgs be in its final form and may be updated or revised in the future. Accuracy and availability may vary. Accessibility links Skip to main content Keyboard shortcuts for audio player. Don’t Tell Me!

NPR Shop. Facebook Twitter Flipboard Email. December 3, PM ET. Heard on All Things Considered.

The virtual currency has hit a record high of about $19,000 in recent days.

Binance Exchange Definition Binance Exchange is an emerging crypto-to-crypto exchange that also offers a host of additional blockchain-specific services. Life Insurance. Mutual Funds. Today, miners earn After a momentary selloff, bitcoin resumed its march higher. By Tom Bemis. Personal Finance Essentials. Disclosure Read More The leader in what is behind bitcoin surge news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.