Bitcoin price soars above $6,300

Bitcoin price continues to rise

Bitcoin has soared to a new record high on Tuesday, pushing past $6,300.

As of 10:00 a.m., ET, Bitcoin price was $6,348 - up $194 just today.

Bitcoin is up more than $5,500 this year alone.

 

What is Bitcoin?

Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who “mine” them by lending computing power to verifying other users’ transactions. They receive bitcoins in exchange.

The coins also can be bought and sold on exchanges with U.S. dollars and other currencies. Their value has fluctuated over time. 

Because the currency isn’t formally regulated, its legality is a bit fuzzy. The currency has also drawn the ire of many in law enforcement and cybersecurity because it’s difficult to trace, making it a currency of choice for hackers behind ransomware attacks. But in September, New York state regulators approved their first license for a company dealing in bitcoin.

ALSO SEE: Michigan man facing charges for running unlicensed bitcoin exchange in Bloomfield Twp.

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About the Author:

Ken Haddad is the digital content and audience manager for WDIV / ClickOnDetroit.com. He also authors the Morning Report Newsletter and various other newsletters. He's been with WDIV since 2013. He enjoys suffering through Lions games on Sundays in the fall.