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Last Updated : May 09, 2019 05:20 PM IST | Source: Moneycontrol.com

Bitcoin crosses $6,000 mark to hit 6-month high

The quintessential cryptocurrency has gone through a tumultuous phase since hitting a record high of over $19,000 in December 2017, before crashing to a low of nearly $3,100, a year later, in December 2018. However, it has recovered since then, albeit slowly.

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Bitcoin breached the $6,000 mark on most cryptocurrency exchanges on May 9, hitting its highest level against the dollar in nearly six months.

The cryptocurrency has gone through a tumultuous phase since hitting a record high of over $20,000 in December 2017, before crashing to a low of nearly $3,100, a year later, in December 2018. However, it has recovered since then, albeit slowly.

As per bitcoinprice.com, bitcoin hit an intraday high of $6,138.30, recovering over 60 percent so far this year.

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According to CNBC, the surge in price could be due to an increase in interest in bitcoin trading from investment institutions.

Fidelity Investments will begin to allow customers to buy and sell cryptocurrencies, reported Bloomberg, while platforms such as Robinhood have already started digital currency trading.

While the cryptocurrency market is looking back on track since the beginning of 2019, there are some major potholes that still exist in the space.

On May 9, one of the largest cryptocurrency exchanges Binance reported that around 7,000 bitcoins worth about $40 million were stolen in a “large scale” data breach.

 

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First Published on May 9, 2019 05:20 pm
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