The price of bitcoin surged by 10 per cent in less than an hour on Tuesday, pushing the cryptocurrency's value above $7,000 for the first time since early June. It is the second time this week that bitcoin has shot up in price, helping its value go up by around $1,200 over the last six days. Other major cryptocurrencies received a boost off the back of bitcoin's resurgence, with ethereum ripple and bitcoin cash all rising by between 5 and 8 per cent over the last 24 hours. But the most significant gains were experienced by stellar and cardano, which rose by 22 per cent and 16 per cent respectively. Bitcoin's volatile history in pictures Show all 10 1 /10 Bitcoin's volatile history in pictures Bitcoin's volatile history in pictures Satoshi Nakamoto creates the first bitcoin block in 2009 On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System' Reuters Bitcoin's volatile history in pictures Bitcoin is used as a currency for the first time On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins – the equivalent of $90 million at today's prices Lazlo Hanyecz Bitcoin's volatile history in pictures Silk Road opens for business Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin Screenshot Bitcoin's volatile history in pictures The first bitcoin ATM appears On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash Reuters Bitcoin's volatile history in pictures The fall of MtGox The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed Getty Images Bitcoin's volatile history in pictures Would the real Satoshi Nakamoto please stand up In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim Getty Images Bitcoin's volatile history in pictures Bitcoin's big split On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash Reuters Bitcoin's volatile history in pictures Bitcoin's price sky rockets Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year Reuters Bitcoin's volatile history in pictures What goes up... Bitcoin price crashes spectacularly, losing half of its value in a matter of days Getty Images Bitcoin's volatile history in pictures Bitcoin plunges The cryptocurrency eventually bottoms out below $4,000 in 2019 before slowly rebuilding momentum to outperform more traditional assets Getty Images The latest price still remains a long way off bitcoin's all-time high, which reached close to $20,000 in December 2017. It is also still some distance from the $10,000 it was trading at in May, however the sudden spike still represents bitcoin's best day in around three months. Positive and negative news in the cryptocurrency space can often be attributed when explaining bitcoin's market movements and earlier this week a 4 per cent gain followed news that investment firm BlackRock is looking to move into the cryptocurrency space. "After a few weeks in the doldrums, news like this goes a long way in lending legitimacy to crypto as an asset class, which is powerful over the long-term," Matthew Newton, a market analyst at the investment platform eToro, said in an email to The Independent. Mr Newton added that negative news can often be more influential on the market than positive news. “Investors would be wise to remain cautious, as we saw a similar situation in April where some big short positions were squeezed causing the price to surge. That said, if bitcoin pushes past $8k, it’ll indicate that the bull is back and prices could continue to climb further,” he said. BlackRock is not the first well established firms in the financial sector to express an interest in cryptocurrency, with Goldman Sachs launching a bitcoin trading operation and backing fintech startup Circle. Circle revealed in May that it plans to launch a digital version of the US dollar, which would offer many of the benefits of cryptocurrency while also overcoming the price volatility issue. “The invention of cryptographic assets and blockchain-based computing have ushered in the next major era of the open internet,” Circle explained in a blogpost announcing the new cryptocurrency. “But a price-stable medium of exchange and store of value is missing, and badly needed in order for global financial interoperability to function reliable and consistently.” The latest bitcoin price rise follows positive news in the cryptocurrency space (Getty Images) Cryptocurrency analysts expect more giants from the traditional financial sector to explore the nascent market, with some experts suggesting fiat currencies could eventually merge with cryptocurrencies. “There is no doubt BlackRock is looking at the options when it comes to cryptocurrenciess. This is logical given that many in the City, including asset managers, are already exploring ways to enter the market," Romal Almazo, cryptocurrency lead at consultancy firm Capco, told The Independent. "If you believe that fiat currency will eventually merge with cryptocurrencies as many do, then it’s only a matter of time before this trickle becomes a flood. We need to remember that cryptocurrencies and blockchain are a 10 to 20 year project and this will all take time. This is all part of a natural evolutionary process which has been repeated many times in history – when it comes to technology.”<doc-sep>Bitcoin: Cryptocurrency climbs in value slightly after huge losses FREE now SUBSCRIBE Invalid email Make the most of your money by signing up to our newsletter fornow When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. The number one cryptocurrency rose from $6,367 at 10.08am BST to $6,646 at 12.34pm BST, according to CoinDesk. What is behind the price rise? Bitcoin’s largest surge in two weeks was caused by the announcement that BlackRock, the world’s biggest asset management company, is looking to invest in the digital currency. Financial News said BlackRock has instigated a working group to focus on the ways it might take advantage of cryptocurrencies and whether it should invest in bitcoin futures. Two unnamed sources said a team had been assembled from different areas of the company to examine the infrastructure of cryptocurrencies and how blockchain technology works. Part of their investigations would be to keep an eye on what BlackRock’s competitors are doing with cryptocurrencies. CNBC said it had learned the working group was now new but has been in operation since 2015. A spokesman from BlackRock told the Express.co.uk today: “Like most financial institutions, BlackRock has a working group that meets periodically to exchange information on blockchain and consists of employees from various parts of the business. Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip "We have been looking at blockchain technology for several years, recognising potential for shared processes and data across market participants, clearing, settlement and reconciliation and simplified securities issuance.” Other digital currencies, including ethereum and ripple, also received boosts off the announcement. Ethereum jumped by more than 5 percent, while ripple was up by over 4 percent. What has BlackRock said in the past about bitcoin? The move marks a massive u-turn for Blackrock, which like several other City firms has previously issued warnings about cryptocurrencies. Bitcoin price rise: Blackrock CEO Larry Fink called bitcoin 'speculative' in 2017 BlackRock Chief Executive Larry Fink, said late last year bitcoin was “speculative” and said none of his business clients would invest in it. Speaking at the time, he said: “It is an instrument people use for money laundering.” The huge change in rhetoric has not gone unnoticed by industry watchers. Blockchain advocate @TheCryptoLab tweeted: “This is absolutely huge, Black Rock is a $6.3 TRILLION investment powerhouse. 25x bigger than crypto itself. First JP Morgan, then Goldman Sachs and now Black Rock. Bullish! Bitcoin price rise: Why is BTC rising today? Is the beginning of a bull market run for crypto? Bitcoin price rise: The cryptocurrency climbed by 4 percent today<doc-sep>Bitcoin price LIVE: BTC given the thumbs up - G20 FREE now SUBSCRIBE Invalid email Make the most of your money by signing up to our newsletter fornow When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. 8.00am MORNING HEADLINES Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime. Bitcoin is priced at $6,663 this morning with ethereum rising to $473 and ripple up at $0.47. The FSB has sent the crypto community a welcome boost after delivering a framework for the world's leading G20 countries to “monitor the financial stability implications of crypto-assets markets.” Pouring cold water on the idea of crypto sparking the next global financial meltdown the FSB said that cryptocurrencies like bitcoin “do not pose a material risk to global financial stability” but they fully support their “vigilant monitoring.” The good news comes just a day after the world's largest assset manager signalled their intent to move closer to crypto with a possible entry into bitcoin futures. It took a generation for the internet to flatten much of the old media and retail world and it will take a generation to flatten evil old finance; we all know who they are and so do they, but that new world is coming. Clem Chambers, CEO of ADVFN The FSB is an international body that monitors the global financial system and reports back to the G20 through dialogue with governments and central banks. The FSB's positive report on crypto gives another big thumbs up to central banks and regulators looking to push forwards with a set of rules that will create trust and give further transparency to an emerging area of global finance. The report said: "Crypto-assets do not pose a material risk to global financial stability at this time…At present, like crypto-assets in general, crypto-asset platforms do not pose global financial stability risks. "Nevertheless, they raise other significant concerns, including consumer and investor protection, market integrity and money laundering/terrorism financing, among others." Bitcoin price LIVE: Crypto is moving on up From Clem Chambers, CEO of ADVFN and Online Blockchain plc told Express.co.uk that the continuing march of crypto is inevitable. He said: "It took a generation for the internet to flatten much of the old media and retail world and it will take a generation to flatten evil old finance; we all know who they are and so do they, but that new world is coming." Got something to add? Send your reaction / thoughts / analysis / price predictions over to @DavidGDawkins. Updates below throughout the day.... 9.26am - Regulatory clairty 'taking form' Joel Kruger, Currency Strategist, LMAX Exchange is optimistic that things are moving in the right direction. He said: "Institutional adoption requires institutional quality infrastructure and liquidity solutions, along with a degree of regulatory clarity that had long been absent and is only just now taking form. "While we can't speak for those who were quick to dismiss the viability of Bitcoin, it's certainly understandable that the many forward thinking, bigger traditional players wanting to get involved, have been sitting back on the sidelines waiting for this clarity before dipping in, much as was the case in the early days of the ETF.” The 10 richest people in Cryptocurrency Wed, February 7, 2018 Cryptocurrency: 10 of the wealthiest people in Cryptocurrency according to Forbes first ever Crypto rich list. Play slideshow Getty 1 of 11 The richest people in Cryptocurrency 9.47am - SEC inbox FULL The Securities and Exchange Commission is fighting back a crammed indox of comments over the potential approval of a bitcoin ETF. Bloomberg report that cryptocurrency enthusiast keyboard warriors have responded to the SEC's call for feedback on Cboe Global Markets Inc.’s request to change its listing rules and allow the crypto exchange-traded fund. The SEC has worked hard over the last 12 months to dampen attempts to bring a Bitcoin ETF to market. The commission asked would-be issuers back in January to pull their applications until asset managers could answer a series of questions on custody, liquidity, market manipulation, valuation and arbitrage. Bitcoin: Expert says volatility is still 'at a heightened level' 10.13am - Hackney Mosque collects more crypto than cash A British Mosque has announced that it collected four times more donations in cryptocurrencies than regular cash or fiat money during Ramadan. With crypto becoming an increasingly important technology for charity - the Mosque said that people from all around the world donated to the mosque using cryptocurrency during Ramadan, including one transaction of over £5,200. The Hackney mosque’s chairman, Erkin Guney, told inews: “Many people at the mosque were initially sceptical about us accepting this new money, but the fact we received four times more in cryptocurrency donations shows how important it is to be open to these new digital currencies.” 10.29am - BTC climbs Bitcoin is back up at $6,700. Bitcoin price LIVE: Young people and crypto 11.49am - Crypto dating Single members of the crypto fraternity - rejoice. A new study from CreditCoin has revealed that 75 percent of 'Millennials' are more likely to date someone who is "knowledgeable" on crypto. John McLeod, spokesperson CreditCoin said: The results from the survey provide a genuine insight into how people view cryptocurrencies and the purpose of emerging blockchains. "Although it is mainly viewed as an investment vehicle, there is real demand for greater use and adoption by third parties and a belief that despite many established institutions criticising altcoins, this technology is here to stay." Bitcoin price LIVE: IBM testing BTC 13.21pm - IBM testing crypto Tech giant IBM is looking to develop a “stablecoin,” a digital token tied to an existing government-backed currency like the pound or dollar. IBM is looking to Stronghold USD to explore ways of helping banks and other financial institutions process payments faster and more securely. IBM said Stronghold’s stablecoin will rely on the platform developed by Stellar, which was co-founded by former Ripple executive Jed McCaleb in 2014, accroding to CNBC. 13.44pm - Ripple concern Ripple's journey to the centre of global finance looks set to continue with banks across Europe living in “fear” of “being disrupted by new technologies”, according to its new technology chief. However, ripple is one notable absence from the spate of technologies in which Autonomous Partners is interested, raising concern that the XRP tokens will be treated differently when regulations arrive. If the Securities and Exchange Commission in the US decides that the tokens are securities they will then be subject to different laws than tokens that are not. Arianna Simpson, from Autonomous Partners said: “I have a lot of concerns about the level of centralisation there, and I have regulatory concerns if what they have issued is a security. However, Ripple CEO Brad Garlinghouse dismissed the fears back in June, claiming, “I don’t think that our ownership of XRP gives us control.” He said: “Saudi Arabia owns a lot of oil—that doesn’t give them control of oil.” Read the full report: Ripple on path of 'disruption' but 'concerns' remain for hedge fund investors Bitcoin price LIVE: Bitcoin on the up<doc-sep>
Bitcoin: Cryptocurrency climbs in value slightly after huge losses Bitcoin prices pushed up past the $7,000 mark for the first time in more than 30 days this morning as the market begins to rise again. Prices jumped more than 10 percent in the last 24 hours as positive headlines buoyed investor confidence. BTC is trading at $7,429.65 as of 8.30am today. The rest of the market is seeing significant gains because of this, with Ethereum trading for 502.38, Ripple for $0.512969, and Litecoin for $91.38, according to CoinMarketCap. As a result of the near $600 price jump, bitcoin added some $9 billion to its market cap in a matter of minutes. What is causing cryptocurrencies to rise? Many experts are attributing BTC’s sudden rise to a number of high-profile endorsements from the financial world. The new chief executive of US investment bank Goldman Sachs is reportedly interested in the market. Upon receiving his appointment, David Solomon said Goldman would be looking to add more bitcoin and cryptocurrency services in the future. Alongside this, giant hedge fund management firm BlackRock has been quietly building a taskforce to investigate the uses of bitcoin and blockchain in the market. Bitcoin price hits $7,500: Will BTC continue to rise? What is causing the cryptocurrency to rise? Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip Bitcoin prices have recovered after positive news BlackRock reportedly formed the team back in 2015 but the news comes as a big confidence boost, as large-scale hedge funds make a move into cryptocurrency. The news is particularly surprising given that Larry Fink, chairman and CEO of BlackRock, has long been a critic of the digital token. But now Mr Fink has changed his tune, saying: “We are looking at it and as I have said in the past, we are very excited about blockchain technology. “That is where we are looking at it even in the Aladdin universe with what we are trying to do there so we are looking at blockchain technologies. “We are studying it and we are looking at how they perform and we are looking at that type of data as we understand it as we think about other products but right now, worldwide I have not heard from one client that needs to be in it right now." Bitcoin has had a tumultuous history