Cryptocurrency: Expert discusses success of Bitcoin

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The value of Bitcoin soared from $33,983 at 4am to $34,805 at 7am – a jump of 2.1 percent in just three hours. Other major cryptocurrencies followed suit, lending hope to the possibility of reversing some of the losses experienced over recent days. During the same three-hour period, rival cryptocurrency Ethereum jumped 3.6 percent from $2,239 to $2,323.

The price of Dogecoin – often backed by Tesla boss and tech billionaire Elon Musk – increased 2.6 percent from $0.234 to $0.240.

Bitcoin has been on a downward spiral over recent weeks – thanks largely to a crackdown on it from the Chinese Government – having hit an all-time high just under three months ago.

The value of the world’s most popular cryptocurrency surged to $63,000 on April 16 following several months of price rises.

But it has been plummeting ever since, and fell to as low as $31,700 on June 27 – nearly half its historic peak just two months earlier.



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Bitcoin had received a boost last month after El Salvador become the first country in the world to approve the cryptocurrency as legal tender.

The cryptocurrency’s price quickly soared by 10.6 percent to $34,312.

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