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Bitcoin prices rise above $910, setting new high for 2016

Published 12/26/2016, 09:21 AM
Updated 12/26/2016, 09:21 AM
Bitcoin prices rise above $910

Investing.com - Web-based digital currency bitcoin hit its highest levels since January 2014 in post-Christmas trade on Monday, extending its recent rally.

Bitcoin (BTC/USD) was trading as high as $914.72 on the New York-based itBit exchange, before falling back to $906.72 by 9:20AM ET (14:20GMT), up around 1% on the day.

The digital currency is up almost 23% so far this month amid heavy buying from China and India, as investors look to shield themselves from currency devaluations and cash shortages.

U.S. and European buyers also accounted for the bulk of trading volume, as traders look for safe havens following dramatic political shifts in the world economy.

For the year, Bitcoin is up a whopping 87%, making it one of the best performing assets of 2016.

Analysts say prices of the digital currency look set to test all-time highs of $1,216 in 2017 amid rising demand for alternative assets.

Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

Latest comments

can anyone let me know how to invest Bitcoin? I have an Interactive Brokers account but it cannot trade BTC/USD. how can I make it? thank you .
Coinbase.com and Gemini.com both fully regulated and licensed by US government, comply with all KYC/AML regulations and keep the bitcoins on cold storage offline, so they can't be stolen.
Gemini
It wasn't European or American volume. It was Chinese (and probably fake at that). Chinese 'price' on Chinese exchanges is still ~30 USD ahead of any European or US exchange. It's all one bit manipulated lie. The technology is cool though.
The future economy will be totally digital and decentralized. Bitcoin is a worldwide-distributed decentralized peer-to-peer censorship-resistant trustless and permissionless deflationary system/currency (see Blockchain technology) backed by mathematics, open source code, cryptography and the most powerful and secure decentralized computational network on the planet, orders of magnitude more powerful than google and government combined. There is a limit of 21 million bitcoins (divisible in smaller units). "Backed by Government" money is not backed by anything and is infinitely printed at will by Central Banks. Bitcoin is limited and decentralized.
$ 200 this year will drop sharply .
Why do you say that?
Prices will spike to $1,500+
Next stop is $1200
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