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Bitcoin Total Value Tops $14bn

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Lucas Castillo
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Two year high for digital currency as its total value reaches £11.3bn, with most bitcoin trading located in China

Bitcoin has reached a two year record high in value amid a backdrop of growing political uncertainty globally and a fall in value of the Chinese yuan.

Ransomware demands often seek bitcoin payments, as do the criminals behind distributed denial-of-service DDoS attacks.

In October a security expert warned that major British financial institutions are looking into hoarding bitcoins for use in buying off online attackers.

And now the total value of all Bitcoin in circulation hit a record high above $14bn £11.3bn on Thursday, Reuters reported, after the web-based digital currency jumped 5 percent on the day to its highest levels in three years.

Bitcoin has doubled in price this year, and one bitcoin costs a cool $875 £714 on the Bitstamp exchange BTC BTSP, its strongest level since January 2014.

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Lucas Castillo
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