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Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact the industry.

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High Demand for Bitcoin Hit a Record High $1,760

May, 10 2017
watermark Economic news

The Bitcoin attained a record high on Tuesday because of an upsurge demand for crypto-assets and the production of new tokens to increase stake for new establishment through blockchain technology which implies the dispensability of a central regulator.


The digital currency rose on the day by 6 percent reaching $1,760.40 from $1,747.89 on the BTC=BTSP BitStamp platform. Currently, it surged to almost 80% percent for the year and a significant expansion of market capitalization up to $52.5 billion, reported by coinmarketcap.com.


However, Federal Reserve of Minneapolis Bank President Neel Kashkari is not convinced of a positive bitcoin probable future, saying that the blockchain technology will progress more in the future compared to the digital currency. Also, considering the shift in the market interest where majority of the bitcoin rallied was influenced because of high demand for the initial coin offerings (ICOs)


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.