Reason not clear
The valuation of Bitcoin jumped more than 17 per cent today in a sudden move.
The volatile virtual currency was around $7,700 in morning trading when it hit a high of $8,034.17 on Coinbase.
So far it is not clear what caused the value to increase by such a large margin. The digital coin has already fallen in value after trading at a peak of $20,000 in December last year.
Established in 2009 after the financial meltdown, Bitcoin is a digital currency that has no central bank or regulatory authority backing it up. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions.
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