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Bitcoin enjoys all-time high after two-year slump

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Staff writer |
Bitcoin
New currency   Bitcoin is a network that enables payment using digital money

The price of Bitcoins has reached an all-time high after a bleak winter. Chinese investors have fueled a bitcoin hike, according to Bitcoin exchange group OKCoin.

The cryptocurrency hit $600, up from $436 after a suffering a two-year slump.

Bitcoin is a consensus network that enables payment using digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen, it can effectively be used as cash on the Internet.

The huge hike in Bitcoin value has meant that it now has a market cap of over $10 billion, placing it above Twitter which stands at $9.77 billion.

The boost in the value of bitcoins is being attributed to Chinese investors who were slightly concerned about the weakening Yuan.

According to Reuters, around 95 percent of all bitcoin transactions are done via Chinese exchanges, and this latest spike is thought to be driven by fears that China's economy is slowing. As a result, people were trying to diversify their investments, which currently stand at $22 trillion.


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