You are here: Home - Investing - Experienced Investor - News -

Bitcoin surges to new record high

Written by:
The price of the cryptocurrency Bitcoin has jumped to yet another record high.

On Wednesday morning it rose past the $64,000 mark ‒ the equivalent of around £34,400 ‒ per Bitcoin.

It’s a sharp increase over just a couple of weeks. Back on 24 March Bitcoin was valued at $51,315 (£37,331), having only recently passed the $50,000 mark. Over a year the rise is even more extraordinary. In April last year a single Bitcoin was valued at just $6,877 (£5,447).

The increase comes off the back of Coinbase, a cryptocurrency exchange, listing on the Nasdaq today. The firm will be offering its shares through a direct listing rather than an IPO, with an initial price of $250 (£181) per share.

Expect more regulation

Nigel Green, CEO and founder of advisory firm deVere Group, said the Coinbase’s listing was a “truly momentous day for the cryptoverse”, but warned that investors should expect much greater government scrutiny of the industry as a result.

He continued: “Governments, central banks and regulators will be keen to protect the currency status quo. We should expect considerably higher levels of regulation in the crypto market.  Indeed, I believe it is inevitable.”

However, Green argued that “proportionate” regulation should be embraced, as it will help protect investors and tackle criminality.

Is Bitcoin a bubble?

There have been plenty of warnings that the Bitcoin price rises are a bubble, which investors should avoid getting caught up in.

These warnings are reinforced by the fact that significant numbers of Bitcoin investors apparently have little in the way of savings, potentially exposing them to hardship should the value of Bitcoin crash. 

However, the lack of regulation and inherent risks are unlikely to bother some investors for long if the price continues to rise at this rate.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week