Bitcoin price soars
The price of one of the most popular cryptocurrencies, bitcoin, has risen above $100,000 for a single coin.
Cryptocurrency is digital money that isn’t backed by a government or banking institution. Bitcoin is the earliest and most popular of the cryptocurrencies, but other types have gained popularity in recent years.
Just two years prior, bitcoin had fallen below $17,000, according to a news report from The Associated Press. However, since the U.S. election, the cryptocurrency has increased by more than $34,000. Experts cited in the report suggested that the rally could signal a transformation of bitcoin’s place in the global economic system.
Despite the feat, the experts warned investors of the risk surrounding the asset. They noted that the price of bitcoin is reliant on larger market conditions, making it volatile. Further, regulatory and environmental concerns may hamper the cryptocurrency’s continual growth.
Read more: The Associated Press
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