Two contrasting stories today regarding the cryptocurrency Bitcoin. First, the good news: bitcoin briefly surpassed the $17,000 mark today – Friday 8th December 2017 – before falling some 14% to below $14,000.
Despite the fall Bitcoin’s value has risen around 70% this week alone. Despite the recent increase in value, analysts are warning that Bitcoin’s rise is a bubble mirroring the dotcom boom. Whilst Bitcoin’s rapid rise has brought it even more into mainstream consciousness, it still represents a major gamble – all bubbles burst, and Bitcoin will be no different, analysts warn.
News of today’s record high comes along with a bad-news story: hackers have made off with approximately 4,700 bitcoin worth, at the time of the theft, around $80m.
The Bitcoin mining service that was hacked is based in Solvenia with the hackers believed to be based outside of the European Union.
This theft comes on the back of other recent cryptocurrency thefts – highlighting the security risks involved in dealing with cryptocurrencies.