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Bitcoin has experienced a sudden surge in value after several days of plummeting prices.
The world’s leading cryptocurrency climbed $600 (£460) in the space of a few hours to return above $7,000, having briefly fallen to its lowest level since May.
The price crashes on Friday and Monday came after market uncertainty surrounding developments in China, which saw a renewed crackdown on illegal exchanges in the country.
Despite the significant dips. some cryptocurrency experts claimed that it was the “perfect time” to invest.
“Once again the value of bitcoin has plummeted – due to the nature of cryptocurrency, this is not the first, nor will it be the last time this occurs,” Peter Wood, CEO of online trading platform CoinBurp, told The Independent.
“However, new-time investors can be comforted by the fact that its value will most likely rise again, and newcomers to cryptocurrency should see no better opportunity that to invest now.”
1/8 Satoshi Nakamoto creates the first bitcoin block in 2009
On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’
Reuters
2/8 Bitcoin is used as a currency for the first time
On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins – the equivalent of $90 million at today’s prices
Lazlo Hanyecz
3/8 Silk Road opens for business
Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin
4/8 The first bitcoin ATM appears
On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash
REUTERS/Dimitris Michalakis
5/8 The fall of MtGox
The world’s biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed
Getty Images
6/8 Would the real Satoshi Nakamoto please stand up
In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim
Getty Images
7/8 Bitcoin’s big split
On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin’s underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash
REUTERS
8/8 Bitcoin’s price sky rockets
Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year
Reuters
1/8 Satoshi Nakamoto creates the first bitcoin block in 2009
On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’
Reuters
2/8 Bitcoin is used as a currency for the first time
On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins – the equivalent of $90 million at today’s prices
Lazlo Hanyecz
3/8 Silk Road opens for business
Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin
4/8 The first bitcoin ATM appears
On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash
REUTERS/Dimitris Michalakis
5/8 The fall of MtGox
The world’s biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed
Getty Images
6/8 Would the real Satoshi Nakamoto please stand up
In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim
Getty Images
7/8 Bitcoin’s big split
On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin’s underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash
REUTERS
8/8 Bitcoin’s price sky rockets
Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year
Reuters
The price of bitcoin is notoriously difficult to predict due to its volatility, which has seen it fluctuate between $3,000 and $20,000 over the last two years.
Its current price of $7,300 is more than double the price it was this time last year, yet less than half the price it was in late 2017.
“While nobody really knows what direction the value of any cryptocurrency will head in the near future, past trends display a possible large increase within the next 12 months at least,” Mr Wood said.
Some of the more optimistic predictions for bitcoin include venture capitalist Tim Draper’s forecast that the cryptocurrency will reach $250,000 by 2023, and cyber security pioneer John McAfee’s bet that it will reach $1 million by the end of 2020.
A more conservative estimate comes cryptocurrency analyst PlanB, who tweeted on Monday: “Call me crazy, but it wouldn’t surprise me if bitcoin closes 2019 at $10,000… Opportunities like this [for investors] are rare.”
Social media is an increasingly important battle ground in elections – and home to many questionable claims pumped out by all sides. If social media sites won’t investigate the truth of divisive advertising, we will. Please send any political Facebook advertising you receive to digitaldemocracy@independent.co.uk, and we will catalogue and investigate it. Read more here.
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