Bitcoin Price Hits New High; Overall Market Capitalization Soars
- Bitcoin nears $4,500 although the move is starting to look tired.
- A Bitcoin denominated bond makes its debut.
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Bitcoin (BTC) Makes a Fresh High but Hourly Momentum Starts to Slow
The largest digital cryptocurrency by market capitalization made a fresh high in European trade but the move started to find resistance on the hourly chart as profit taking took hold. Bitcoin touched a high of USD4,485 in early European turnover pushing the digital currencies market value to just over $73 billion, just over half of the overall cryptocurrency market capitalization.
Chart: Bitcoin (BTC) Price: Daily/1 Hour Timeframes– August 17, 2017
Market Moves/Top 8 Capitalizations – August 17, 2017
Bitcoin Makes its Bond Market Debut
A novel new approach to fund raising was announced by Japanese information provider Fisco Ltd using Bitcoin as the underlying currency. In a test case, a unit of the company issued three-year debt worth 200 BTC to another firm within the Fisco organization. According to a Bloomberg report the bond was designed like a regular corporate note to meet regulatory requirement. The note carries a three percent coupon and will repay the 200 bitcoins on maturity.
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Bitcoin Glossary: Key Terms and Concepts for Traders.
--- Written by Nick Cawley, Analyst.
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