Bitcoin Soars To All-Time High
Digital currency bitcoin has hit a new record high, surging above US$2400 (A$3212) per coin, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology.
The rise, according to technologists and cybercrime experts, follows the surging number of bitcoins in circulation – now more than twice that of the nearest of hundreds of rivals.
Also, a big part of bitcoin’s growing surge is due to the increase in demand for other digital currencies being sold in so-called “initial coin offerings”, or ICOs. Under ICOs, blockchain start-ups sell their tokens directly to the public to raise capital without any regulatory oversight.