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Bitcoin Hits $1600 for First Time: Could Reach $4000

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May/08/2017

Bitcoin Hits $1600 for First Time: Could Reach $4000

The cryptocurrency Bitcoin has seen its price shoot up to $1600 on Monday trading, the highest it has ever been.

BetOnline now accepts Litecoin - BetOnline now accepts Litecoin - BetOnline now accepts Litecoin

The recent price rise has been driven by positive developments around the underlying technology with rival cryptocurrency litecoin, according to CNBC.

Bitcoin is "fully valued" and could see a pullback in the short term after hitting $1,600 for the first time on Monday, according to one investor, but the price could go as high as $4,000 over the next 14 months.

In the last 30 days, Bitcoin has risen over 33 percent.

Over the past year, Bitcoin has become the number one deposit and withdrawal option for most North American-facing online gambling websites. Most now require their affiliate partners to accept funds exclusively using Bitcoin.

CNBC has more on this week’s Bitcoin developments.

- Aaron Goldstein, Gambling911.com

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