- A bitcoin was worth $15,338 at 8.20 a.m. GMT on Boxing
- The cryptocurrency is up more than 10%, recouping
losses from the previous day.
- Its value has fallen sharply over the past week, and
has been declining more modestly since.
The price of bitcoin surged more than 10% on Boxing Day to
$15,338, as the volatile cryptocurrency recouped losses from the
previous day, according
to data from Markets Insider.
The cryptocurrency had lost almost 2% of its value on Christmas
day. The movement was a modest lost after much sharper gains
earlier in the week, when bitcoin plummeted from an all-time high
A bitcoin bought on January 1, 2017 has increased in value more
than twelve-fold, despite the late December drop.
Here’s the chart for Boxing Day morning:
The currency is difficult to value with any objective criteria,
and traditional investors remain very wary of it.
Business Insider highlighted a note from investment analysts at
Morgan Stanley, which suggested
that bitcoin may soon have a practical value of
Analyst James Faucette highlighted the tiny number, and
declining, number of retailers prepared to exchange bitcoin for
actual goods, which could spell a rocky
future. Faucette said bitcoin is not like a currency,
it’s not like gold, and it has had difficulty scaling.
Get the latest Bitcoin price here.>>