Bitcoin Moves $300 Near $5000 Over North Korea Tension - Sundiata Tech

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Friday, September 1, 2017

Bitcoin Moves $300 Near $5000 Over North Korea Tension



On Friday, world’s number one cryptocurrency bitcoin continued its groundbreaking pace reaching near $4700 for the first time following jump in demand for the cryptocurrency seen as safer asset than fiat money in view of heightened tension from the Korean Peninsula.

Analysts at MarketWatch said investors who are worried about escalating tension following the North Korea’s missile test over Japan constitute the majority of factors pushing the price of bitcoin upwards. North Korea is believed to be planning another missile launch over Guam as part of its military operations in the Pacific region.

Majority of bitcoin investors come from Asian countries which will be directly affected should Japan and South Korea respond to the North Korea threat by launching full military action.

Meanwhile, bitcoin’s off-shoot Bitcoin Cash dropped to an 11-day low at $559.61.

Bitcoin Cash (BCH) is the alternative version of bitcoin that came into existence following the hard fork in August, backed by a minority of developers. Data from Coin Dance website indicated that developers temporarily had earlier found BCH more profitable to mine compared to the original version – bitcoin, by Tuesday it was 32 percent more profitable to mine bitcoin.

According to Coindesk Index, one bitcoin was up 4.3% to $4,628 bringing its market capitalization to $76.4 billion. Bitcoin has grown over 60 percent since the beginning of August and it is up about 360 percent so far this year.

Bitcoin closest rival Ether which trades on the Ethereum blockchain platform are saw sharp price increase at 5 percent to reach $364.85. The total value also rose to near $34.4 billion. It is however about $20 short of its all-time high of $383.38 which it reached in June, 2017.

Joon Ian Wong said the North Korean missile test is causing traders to place riskier bets, which has been likened to “picking up pennies in front of steamrollers.”

Another analyst, Andrew Keys, head of global business development at blockchain software developer ConsenSys, who spoke to CNBC said “With both bitcoin and ether, we are seeing a flight to safety due to the issues in North Korea, similar to when investors previously flocked to gold out of equities during previous wars.”

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