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Bitcoin Soars More than 50%


Bitcoin soars more than 50%, from $5,947 low on 7th of February to high of $9,058.80 on 10th of February. These statistics are courtesy of Coindesk. Bitcoin did drop to $7,922.86 the following day. 

The local bitcoin has soared again to $8,602.08 which is a good recovery from dip in prices mid January.

Bitcoin experienced a sudden rise in value from $800 to nearly $20,000 before its decline this year. In 2017 local bitcoin prices rose to all time high of $19,535.70 on 17th of December.

The currency has risen 22.11% as indicated by value tracker Coinbase.

The rise is positive news for wallet holders. Since Pater Capital founder and Chief Executive Officer Dan Morehead made bullish call over the next month with bitcoin and cryptocurrency market.

Mr Morehead told CNBC that they are aware of it being a speculative market. Morehead made mention of it being volatile on the upside as well as on the downside. He mentioned further that bitcoin plunged 64% from high $20,000 to recent decline. According to Morehead, the market is bearish market of 71days and current cycle is in 52nd day, which shows it could improve over next few weeks and be back to normal. Ripple is priced at $1.06 this morning with Ethereum at $851.

Latest news about Icelandic Bitcoin mining has also sparked keen interest for investors. According to Johann Snorri Sigurbergsson, power usage at local bitcoin mining data centres is likely to exceed usage of all Iceland ‘s homes.

Sigurbergsson told BBC that if all the projects are realised, they won’t have enough energy for it. Recently there has been huge interest of exchanges that are going the “green” route, and the fact that 100% of energy in Iceland comes from renewable sources, makes this an ideal position.

A member of Icelandic parliament, Smari Mccarthy tweeted” But we’re going to work together so that everybody can benefit. I think that’s what we all want at the end of the day. In meantime, come to Iceland, bring data, and let’s talk. Thanks!”

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