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Bitcoin price rises to highest level in 4 months. What’s behind the rally?

Read more here:
https://globalnews.ca/news/9415900/bitcoin-price-rally/

Bitcoin on Tuesday rose to its highest in more than four months, extending a new year rally fueled by hopes that a potential end to central bank policy tightening will benefit the volatile asset.

The world’s biggest cryptocurrency touched US$21,594, a level not seen since Sept. 13. It was last flat at US$21,174.

Bitcoin has gained almost 30 per cent this year, buoyed in part by optimism that inflation has peaked, potentially reducing the need for tighter central bank policy.

Bitcoin and other crypto coins soared during the COVID-19 pandemic as central banks and governments unleashed massive fiscal and monetary stimulus packages. However, a tightening of central bank credit hammered prices, triggering a string of
corporate failures.

Here is another interesting thing: so-called Bitcoin ransomware exists.

Crypto-ransomware is a type of harmful program that encrypts files stored on a computer or mobile device in order to extort money. Encryption 'scrambles' the contents of a file, so that it is unreadable. To restore it for normal use, a decryption key is needed to 'unscramble' the file.

Read more here:
https://www.f-secure.com/v-descs/articl ... ware.shtml

More interesting stories:

Cyber attackers demand £15 million from British schools they hacked over the Christmas holidays
https://www.dailymail.co.uk/news/articl ... idays.html

The USA travel services company CWT Global set a world record for the largest ever ransom payment in July 2020, after it handed over $4.5 million in bitcoin to the Ragnar Locker ransomware gang. The attack is believed to have taken down 30,000 computers and compromised two terabytes of data.
See: The 5 biggest ransomware pay-outs of all time:
https://www.itgovernance.co.uk/blog/the ... f-all-time

This university plans to help struggling students with its new funds. Part of a Bitcoin ransom paid by Maastricht University three years ago has been returned and, thanks to a more than tenfold increase in the cryptocurrency's value, the cyberattack victims have even made a profit, local news reported on Saturday.
https://www.dw.com/en/dutch-university- ... a-62337229

What causes Bitcoin to increase in value? Cryptocurrency gains value if the demand for it is higher than the supply. When a cryptocurrency is useful, people want to own more of it, driving up the demand. Since people want to use it, they don't want to sell it. This means there is more demand than supply and the value increases. More million-dollar transactions are likely to increase the value of Bitcoin.

It is a bit higher these days.

Bitcoin

26,088.40 USD - Aug 19, 2023

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