Bitcoin LIVE news: Price latest as Bitcoin leaps $600 in three days - hits record high
BITCOIN has hit a record high thanks to a boost in confidence after an end to uncertainty around the fork last week. Here is the latest Bitcoin price, live updates and breaking news.
Investors seem to have regained confidence in bitcoin with the cryptocurrency climbed above $3,400 to trade at all-time highs on Monday.
The bitcoin price went up nearly five per cent to hit a high of $3,451.86 earlier today, according to CoinDesk.
Here is the latest Bitcoin price, live updates and breaking news. (All times BST) CLICK HERE FOR BITCOIN UPDATES ON AUGUST 8
Tuesday August 8
Midnight: Bitcoin closed at $3,431.97 on Tuesday after having reached a high of $3,451.855.
10pm: Bitcoin and Bitcoin cash continue to climb
Sister currency Bitcoin Cash was up 52% on the session, but down 57% since its peak on August 2 when its price hit $727.
9pm: Bitcoin's overall market value
The total market value of bitcoin is nearly $55 billion, its highest level on record, according to CoinMarketCap.
8pm: Bitcoin and Ethereum sees prices rise
Fellow digital currency Ethereum has seen a boost in the markets, with its figures also climbing.
Standpoint Research founder and analyst Ronnie Moas previously predicted that bitcoin would smash $5,000 per token next year and $50,000 in 10 years.
He also was positive about Ethereum, saying that too could double in value to reach $400 later this year.
5.55pm: Bitcoin still not trusted, warns analyst
Bitgo engineer and CoinDesk contributor is worried that bitcoin is still not recognised as a legitimate currency.
“A huge number of people (who actually know about Bitcoin) are still sure it's a scam. Let that sink in for a bit,” he tweeted to his 19.6 thousand followers.
He later tweeted: “47 nation state currencies stand in the way of Bitcoin attaining the position of #1 M1 money supply. Egypt will be the next to fall.”
5.44pm: Bitcoin stands strong on the markets
Bitcoin is currently trading at $3407.35 as of 5.44pm, according to CoinDesk.
The currency opened at $3,255.00, and so far reached a high of $3,451.86.
Bitcoin cash meanwhile is trading at $276.73 as of 5.44pm, according to CoinMarketCap.
5.40pm: Bitcoin surge is backed by trader confidence
Ronnie Moas, founder of financial research firm Standpoint Research, believes that traders have renewed confidence in the cyptocurrency.
"That's what supports the cryptocurrency right now, confidence," he told CNBC.
“If there's something that shakes people's confidence in crypto then they will sell off. The further we get into this game the less likely you will get something like that.”
Bitcoin rises by 50% before falling after digital currency splits
Single group of traders could be behind bitcoin surge
One person or a group of crypt-traders known as Spoofy could be behind the recent surge in bitcoin prices, a blooger has claimed.
According to a blog post by blog post BitCrypto, Spoofy uses a massive $60 million bankroll to buy large orders and entice smaller trader to buy as well – an illegal move commonly referred to as ‘spoofing’.
“Spoofy makes the price go up when he wants it to go up, and Spoofy makes the price go down when he wants it to go down,” the blogger claimed.
“And he’s got the coin… both USD, and bitcoin, of course, to pull it off, and with impunity on Bitfinex.”