Bitcoin jumps to new high, soaring past gold for the first time
Gold has had a ‘terrible week’ which has some commentators saying the digital currency passing the metal is ‘just arbitrary’
London — Bitcoin jumped to a new high on Friday, a day after soaring past the price of an ounce of gold for the first time. One unit of the virtual currency was trading above $1,292.71 at 7.30am in New York, compared with $1,226.89 for an ounce of gold. The metal has had a terrible week, declining for the fourth time in five days. The latest surge in bitcoin’s value has been attributed to tighter currency restrictions in countries such as China, India and Venezuela, as well as speculation about prospects under the Trump administration. China’s three biggest bitcoin exchanges suspended withdrawals last month after pressure from the People’s Bank of China, which was concerned that people were using bitcoin to move money out of the country, side-stepping official efforts to shore up the yuan. Investors may also be betting on a more relaxed regulatory environment under US President Donald Trump. The US Securities and Exchange Commission is expected to rule on a proposal for an exchange-...
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