Bitcoin price at record high against pound and euro – The Telegraph
Bitcoin has hit a new all-time high against the pound, with the virtual currency now well above the previous record levels of late 2013.
The currency remains below the record level against the dollar, the typical international benchmark, but has shot past its previous highs in sterling terms in recent days.
One bitcoin was worth £782.49 on Wednesday, above the £694.65 it reached on November 29 2013.
Against the dollar it sits around $957, below the $1,137 that Bloomberg records as its all-time high, but the fall in the pound since then has been a boon for British traders.
The currency is also at an all-time high against the euro, at €918.
The rise in recent months has been attributed to the steady devaluation of the Chinese yuan. Most bitcoin trading takes place in China and so financial conditions in the country have a huge effect on the currency’s price.
November’s election of Donald Trump also sent the value of Bitcoin rising, while moves to make certain cash denominations obsolete in India and Venezuela may also have had an effect.
Even if the price of a bitcoin is not at a record level in dollar terms, the larger number on the market means the total value of all bitcoins in circulation has reached a new record of over $15bn.
Bitcoin prices spiked in late 2013 amid a swell of interest in the cryptocurrency, which are infinitely divisible and independent from any government or central bank. However, they subsequently plummeted as the world’s biggest exchange collapsed.
The identity of the currency’s founder, known as Satoshi Nakamoto, remains a mystery despite several attempts to unmask him or her.
