Amid a surging cryptocurrency market, the price of bitcoin continued to perform strongly in early trading on Friday, reaching a new all-time high in excess of $7,450, before settling back at around $7,400 – still more than 5% up on the day and 27.15% up since Monday morning.
The combined market cap for all cryptocurrencies has also once again reached record levels, passing $202 billion for the first time. Ethereum, which had come through a more choppy few days, was up in excess of 3% on Thursday’s market close to trade just shy of $300, still about 1% down on the week.
Amid the general continued excitement regarding Bitcoin’s price, a word of warning was sounded by Credit Suisse CEO Tidjane Thiam on Thursday evening. He told journalists in New York: “From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”
Mr Thiam said criminal use of bitcoin is also a factor that goes against the cryptocurrency, he went on, arguing that banks “have little or no appetite to get involved in a currency which has such anti-money laundering challenges.” (Source: Coindesk.com)