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The digital currency Bitcoin surpassed US $ 29,000 for the first time on New Year’s Eve.
On Thursday, the price on the Luxembourg trading platform Bitstamp hit a new high of $ 29,292 overnight. At noon, Bitcoin pulled back a bit and was trading at $ 28,983.
Bitcoin has exploded since the beginning of November. During this time, the price has more than doubled. Bitcoin is the oldest and by far the best known digital currency. Experts had recently estimated the market capitalization at around $ 500 billion.
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There is no adequate reason for Bitcoin’s surge to the current high shortly before the turn of the year. However, for the latest surge, the market repeatedly cites that the digital currency has recently moved more into the focus of large financial investors and is in higher demand. Above all, the announcement of the PayPal payment service that it would allow its customers to pay with Bitcoins resulted in a huge increase in demand.
However, experts also warn of extreme price fluctuations that can be observed over and over again with Bitcoin. Three years ago, the rate of the digital currency collapsed to around 70 percent in a short time.
/ jsl
FRANKFURT / LUXEMBOURG (international awp)
