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Bitcoin Price Tops $4,400 As Crypto Market Nears $150 Billion
The price of bitcoin passed $4,400 for the first time on August 14, a move that helped bring the total value of the crypto market above $140 billion.
By Pete Rizzo
Updated Sep 13, 2021, 6:49 a.m. Published Aug 15, 2017, 12:35 a.m.
Bitcoin prices have set an all-time high above $4,400.
Just an hour after the August 15 session opened, the average price of bitcoin was up across global exchanges, rising from an opening total of $4,382. At press time, the price continued to edge upward, following a day in which in gained more than $200, rising to $4,382 from $4,111 on Sunday.
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Week-over-week, price gains were even more impressive, with the value of the cryptocurrency rising just over 30% from $3,382 at the end of trading a week ago.
The movement comes at a time when institutional investors are beginning to take a new interest in bitcoin and the larger cryptocurrency asset class.
Not only are major investment managers and analysts now tracking the asset, but accredited investors have been seeking to diversify opportunities in the space, investing nearly $200 million in an initial coin offering (ICO) for a blockchain network called filecoin last week, a venture aimed at creating a distributed protocol for file storage.
Also up on the day was the value of all cryptocurrencies issued, with data from Coinmarketcap indicating the asset class is now valued at $141 billion, up nearly 20 percent from $118 billion last week.
Bitcoin image via Shutterstock
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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