Bitcoin prices are surging, but the cryptocurrency market remains volatile.
We discuss why.
Bitcoin has been on a tear recently, hitting all-time highs, but some investors are worried the cryptocurrency could fall further in price if there is a sharp correction.
A new report from the Bank for International Settlements shows Bitcoin’s price has been flat since mid-January.
The BIS said bitcoin’s value hit a record $6,800 on January 5, but dropped to $5,500 on January 20, an average price of about $1,800 per bitcoin since the beginning of January.
Bits are a digital form of money that are linked to digital signatures, meaning they can be used to buy things such as cars and apartments.
Bitcoin is an alternative currency that uses cryptographic technology to prevent the theft of coins.
However, the currency is not backed by any government or central bank and is not controlled by any single entity.
It is used to send money abroad and to buy goods and services in many countries.
Bitcoin prices have surged, and the cryptocurrency has risen in value against a range of currencies.
The U.S. dollar is the most popular cryptocurrency, with Bitcoin trading at $6.17 per Bitcoin on Friday.
It has been gaining traction in Asia, where its market value hit $634.75 on Thursday, according to Coinmarketcap.com.
The Bitcoin price has surged in the last 24 hours, according the BIS, which says its value increased from $637.83 on Thursday to $638.90 on Friday after a sharp increase in the first half of January after the announcement of the bitcoin futures trading.
On Monday, the BIA said it was looking at ways to ease the volatility of the Bitcoin market and to ensure that it stays within a range that allows it to support the current volatility and support continued economic growth in the world.