Bitcoin takes Giant Single-Day Leap of US$200 on Monday

Bitcoin has displayed a tremendous leap in a single day by jumping US$200 on Monday, May 22, 2017. According to CoinDesk, the crypto-currency jumped more than 11% and hit an all-time high of US$2.289.21 amidst the CoinDesk’s digital currency conference being held in New York. The Bitcoin’s news site inaugurated its two-and-a-half-day conference on digital currencies, Consensus, on Monday, May 22, 2017. More than 2,000 attendees are expected to partake in this conference.

On Monday itself, a coalition for a digital currency system, Ethereum, announced the addition of eighty-six new members, including financial communications firm Broadridge, consulting company Deloitte, and clearinghouse DTCC. Units of non-financial firms, namely, Merck, Samsung, and Toyota also joined Ethereum, which recognizes Intel, JPMorgan, and Microsoft as its initial members. With these inclusions, the alliance aims to develop technology for Ethereum and raise its standard, which researchers view as a potential structure for a decentralized, next-generation internet.

Several Billion US Dollars Flown into Bitcoin in Last Week

Bitcoin was around US$200 short of doubling up in terms of value for May in its last trading session, when it was trading around US$2,236. In the last week, several billion in USD have flown into bitcoin, bringing its overall market value to more than US$37 billion on May 22, reported CoinDesk.

The Bitcoin trade volume (in USD) held more than 32% of the overall Bitcoin trading on Monday, May 22, 2017, up from 26% since last Monday, stated On the other hand, the trade volume in terms of Japanese and Chinese currencies moderated to 34.2% and 16.95%, respectively.