Published On: Tue, Aug 8th, 2017

Bitcoin price LIVE: Bitcoin soars past $3500 to hit new high – Latest news updates


The bitcoin price has already broken the $3,500 barrier and contines to trade at all-time highs today, according to CoinDesk. 

The market cap of bitcoin has soared above $55billion, surpassing the GDP of Panama and Uruguay. 

The boom comes after the cryptocurrency narrowly avoided a crash last month and a group of miners forked off to create bitcoin cash on August 1. 

Here is the latest Bitcoin price, live updates and breaking news. (All times BST)

Tuesday August 8 

11am: Bitcoin surpasses $3,500

Bitcoin has dipped slightly but has risen by nearly 1.4 per cent overall so far today. Today’s high is $3,525.04 and today’s low is $3,390.56.

Bitcoin opened at $3,431.97. Bitcoin closed at $3,431.97 on Tuesday after having reached a high of $3,451.855 yesterday.

A number of factors are likely to push the price of bitcoin higher this year, experts said.

“Given the technology’s move towards scalability, more institutional investors are now considering to allocate funds to bitcoin, which may be exciting the market,” Aurelien Menant, CEO of the Gatecoin cryptocurrency exchange, told CNBC.

10.20am: SegWit expected to lock-in today

CoinDesk said: “The scaling proposal called Segregated Witness (SegWit) is expected to lock-in on the bitcoin network today.

“Should enough miners continue signaling support, SegWit is projected to meet the necessary threshold later this afternoon (around block 479,708).

“And while it’s theoretically possible miners could change their minds, it’s unlikely they will – in short, miners have a huge financial incentive to enforce the change.” 

8am: Bitcoin surge fuelled by renewed confidence 

Ronnie Moas, founder of financial research firm Standpoint Research, believes that traders have found confidence in the cryptocurrency.

”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.”

7am: Bitcoin cash could be boosting bitcoin

Matthew Newton, market analyst at the eToro trading platform, suggested that the introduction of bitcoin cash has boosted bitcoin. 

“We’ve seen a lot of people selling their Bitcoin Cash in order to buy more Bitcoin,” he said. 

”On top of this, some investors sat on the sidelines last week, waiting to see what happened, these investors are now moving back into Bitcoin.”

Monday August 7

7pm: Many still see Bitcoin as a “scam”, warns investor 

Bitgo software engineer and bitcoin investor Jameson Lopp tweeted: “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 added: “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.”

6.30pm: Bitcoin’s market cap surpasses the GDP of Panama 

Rodolfo Novak tweeted: Bitcoin’s market cap just surpassed the GDP of Panama and Uruguay,now sitting above 78th. A few more pennies and it will pass Cost Rica.”


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