BITCOIN - A Cryptocurrency

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It was on 7th January, 2021 that Bitcoin for the first time rose to the price of USD 40,380. It bounced to 10.4% amid trading season.

About

Bitcoin, a digital currency whose idea was first introduced in 2008 by pseudonymous Satoshi Nakamoto. It is operated by decentralized authorities unlike currencies that are issued by the government.

Its records are stored in computerized database using strong cryptography to secure transaction records. It usually does not exist in paper form nor is issued by any central agency. The entire Bitcoin network relies on Block Chain technology that is a shared public ledger.

The price of Bitcoin has mounted approximately to 12% on 7th January, 2021, to a record high of $40,394.87. This has led to reach the overall value of cryptocurrency higher than $ 1 trillion for the first time ever. However at end of the trading session it dropped a bit and stopped at 38,950$ i.e up by 6.52%.

Bitcoin has showed such rise continuously since online payment giant PayPal allowed its account holders to use cryptocurrency. Later investment giant JP Morgan Chase too acknowledged Bitcoin and its spurt rise and went to the extent to compare it with gold as an alternative currency. Bitcoin has seen enormous interest of investors in recent weeks that have risen by nearly 400% in the last one year.

Amidst this rise various trading analysts throughout have exhibited their concerns regarding this escalation and are calling for a new correction before it might starts hurting the market, trading and other related facets.