Bitcoin has made a huge leap of $7000 and still continuing. This has brought cryptocurrency back in the form in 2019. Industry website CoinDesk informed that the virtual currency has increased to $7600 on May 12, 2019. It has still to manage profit, but for now the amount has at stabled at above $7000. It has gained another huge step for the most valuable cryptocurrency in the world that has now collected approximately 90% since the beginning of the year.
This has been achieved despite the huge number of negative news that was made regarding a bitcoin exchange named Bitfinex. Bitfinex’s parent company in New York suffered due to a hit with probe. Binance on the other hand was hacked and suffered a loss of over $40 million in bitcoin. Senior market analyst at a renowned social trading firm named eToro, Mati Greenspan commented that Bitcoin has been trying hard to gain speed and get stabled at the moment. After the lows during the middle of December, their price has actually become twice than what it was before. Greenspan also said that digital currency was able to soar only for the reason that bitcoin is still in the beginning part of their cycle. Bitcoin had once reached as high as $20000 during the end of December 2017 and post that, there was a huge fall in 2018.
He commented that it is the thing with bitcoin, once the value would reach an unexpected high percentage point followed by a backward movement. For the moment, they are trying to overcome the fluctuation and aiming at small rise. CEO of CryptoCompare, Charles Hayter said that they are at present watching huge trade numbers of 4 million every hour and people purchasing with a rapid speed. Many like economist Joseph Stiglitz or financial expert Jamie Dimon have criticized bitcoin calling it fraud or asking for a shutdown.