LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

Bitcoin jumps above $1,000 for first time in three years

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Bitcoin jumps above $1,000 for first time in three years
Bitcoin logo is displayed at the Bitcoin Center New York City in New York's financial district. Image Source: Reuters
Written By: Reuters
Updated: Mon, Jan 02, 2017
05:15 pm
Reuters
RELATED NEWS
Did your bank deduct charges for BHIM-UPI or RuPay Cards transactions? You will get refund - Here is why Did your bank deduct charges for BHIM-UPI or RuPay Cards transactions? You will get refund - Here is why
RBI offline payments: Allowed! What it is? How it works? Benefits? MUST KNOW DETAILS RBI offline payments: Allowed! What it is? How it works? Benefits? MUST KNOW DETAILS
India a cashless economy? Digital transactions continue to rise, UPI gains popularity; know how digital payment industry see ache din India a cashless economy? Digital transactions continue to rise, UPI gains popularity; know how digital payment industry see ache din
Cash is a pain? Become a cashless king; here is how Cash is a pain? Become a cashless king; here is how
Narendra Modi govt to offer discounts, cashback to you for digital transactions? Find out  Narendra Modi govt to offer discounts, cashback to you for digital transactions? Find out

Digital currency bitcoin kicked off the new year by jumping above $1,000 for the first time in three years late on Sunday, having outperformed all central-bank-issued currencies with a 125 % climb in 2016. 

Bitcoin - a web-based "cryptocurrency" that has no central authority, relying instead on thousands of computers across the world that validate transactions and add new bitcoins to the system - jumped 2.5 % to $1,022 on the Europe-based Bitstamp exchange, its highest since December 2013.

Though the digital currency has historically been highly volatile - a tenfold increase in its value in two months in late 2013 took it to above $1,100, before a hack on the Tokyo-based Mt. Gox exchange saw it plunge to under $400 in the following weeks - it has in the past two years been more stable. 

Its biggest daily moves in 2016 were around 10 %, still very volatile compared with fiat currencies, but markedly lower than the trading of 2013, which saw daily price swings of as much as 40 %. 

Bitcoin may have been boosted in the past year by increased demand in China on the back of a 7 % annual fall in the value of the yuan in 2016, the Chinese currency`s weakest showing in over 20 years.

Data shows most bitcoin trading is done in China.

Bitcoin is used to move money across the globe quickly and anonymously and does not fall under the purview of any authority, making it attractive to those wanting to get around capital controls, such as China`s. 

It is also may appeal to those worried about a lack of supply of cash, such as in India, where Prime Minister Narendra Modi removed high-denomination bank notes from circulation in November.

"The growing war on cash, and capital controls, is making bitcoin look like a viable, if high risk, alternative," said Paul Gordon, a board member of the UK Digital Currency Association and co-founder of

Quantave, a firm seeking to make it easier for institutional investors to access digital currency exchanges.

Though bitcoin is still some way off the all-time high of $1,163 that it reached on the Bitstamp exchange in late 2013, there are now more bitcoins in circulation - 12.5 are added to the system every 10 minutes.

Its total worth is at a record-high above $16 billion, putting its value at around the same as that of an average FTSE 100 company.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Digital transactionsITBitcoindigital paymentsDIGITAL CURRENCYcryptocurrency
RELATED NEWS
Did your bank deduct charges for BHIM-UPI or RuPay Cards transactions? You will get refund - Here is why Did your bank deduct charges for BHIM-UPI or RuPay Cards transactions? You will get refund - Here is why
RBI offline payments: Allowed! What it is? How it works? Benefits? MUST KNOW DETAILS RBI offline payments: Allowed! What it is? How it works? Benefits? MUST KNOW DETAILS
India a cashless economy? Digital transactions continue to rise, UPI gains popularity; know how digital payment industry see ache din India a cashless economy? Digital transactions continue to rise, UPI gains popularity; know how digital payment industry see ache din
Cash is a pain? Become a cashless king; here is how Cash is a pain? Become a cashless king; here is how
Narendra Modi govt to offer discounts, cashback to you for digital transactions? Find out  Narendra Modi govt to offer discounts, cashback to you for digital transactions? Find out

LATEST NEWS

Yes Bank Share price can multiply 2x to 3x over this period, says expert

NEET PG 2021 Admit Card to be released TOMORROW as GLITCH hits candidates - check how to download, check other latest news here

CBSE Board exam 2021 cancellation: Will they, or won't they? From Arvind Kejriwal, Maha minister, Sonu Sood to CBSE — Who said what?

Know which Rakesh Jhunjhunwala-owned stock has shot-up nearly 6% in today’s trade; know key risk

Bihar Police constable PET final result 2021: CBSC declares result on csbc.bih.nic.in; steps and direct link here

CBSE Board Exams 2021 – Students just cannot afford to miss what happened in this official meeting as calls to cancel exams get louder

Infosys share price: Expert says buy for a target of Rs 1710

Stock market holidays April 2021: BSE, NSE to remain closed tomorrow, next holiday on THIS day

PUBG Mobile Update: Massive achievement for PUBG New State; Check details NOW

CBSE Class 10 Class 12 Board Exam Latest News: Will government CHANGE CBSE board exam 2021 date sheet - check all details here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved