Sunday, January 29, 2023

Bitcoin Price Hits US $3,000 in China: New All Time High Is Official

Bitcoin Price Hits US $3,000 in China: New All Time High Is Official

It’s official, one bitcoin is now worth $3000. Marking a new all-time high, the bitcoin price surpassed $3000 on OKCoin just hours after the currency surpassed the same barrier on Bitfinex.

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Bitfinex Hit it First, But China Made It Official

The bitcoin price hit $3000 on Bitfinex in the early afternoon — before the same milestone was reached on OKCoin. However, due to the shaky history of Bitfinex, many in the Bitcoin community do not consider the price listed there “official.”

All doubts washed away, though, when OKCoin broke $3000. As one of the largest bitcoin exchanges in China — arguably the most important country in the Bitcoin world — OkCoin’s rally will likely serve as a signal for other exchanges to follow suit.

At press time, several other exchanges are just inches away from hitting $3000 themselves. Coinbase’s listed bitcoin price stands at $2967, while Bitstamp is slightly lower at $2944. Bitfinex — the exchange that first hit the milestone — has already seen a dip below $3000, currently sitting at $2930.

Bitcoin Price Continues Surging Despite Rising Fees and Continued Infighting

bitcoin block size debateSome in the Bitcoin community have expressed confusion — or at least disbelief — at the ongoing bull rally, since the Bitcoin world has been anything but harmonious as of late.

Scaling is still an issue, and transaction fees continue to rise. To add to that stress, the August 1 deadline set by the New York Agreement is fast approaching. Rumors of a chain split coming from the August 1 upgrades have made community members worry about the safety of their funds.

With all that going on, why does the bitcoin price continue rocketing upwards?

Speculation plays a big part. “Outsiders,” who don’t pay attention to the day-to-day Bitcoin news, look at the rising price and buy in hopes of making profits — further fuelling the rally.

On the other hand, others simply feel confidence in the New York Agreement, and feel that a successful upgrade adhering to the Agreement will propel the price even higher.

Thus, August 1 is the day where we will find out if the current rally is legitimate, or if this massive bull run is driven by smoke, mirrors, and ignorance.

Is this bitcoin price rally real, or is it just a big speculative bubble? Share your thoughts in the comments below.

Images via Tourder’s, Pixabay.

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