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As Bitcoin nears $4,200 price again, is $6,000 price on the way?

Bitcoin rallying after China shuts down exchanges

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Bitcoin is back over $4,000 this week after crashing last week following news that China would be shutting down bitcoin exchanges.

As of 4 p.m. on Wednesday, bitcoin is trading at nearly $4,200, according to CoinBase.

Bitcoin analysts say Bitcoin could see a big rally in the short term, even hitting $6,000, which would be a record high for the currency. 

Bitcoin also crashed last month after Chase's Jamie Dimon called the crypto currency a giant fraud and a bubble, saying, "It's worse than tulip bulbs and won't end well."

This week, Morgan Stanley chief James Gorman said Bitcoin is "more than just a fad," according to Bloomberg.

“The concept of anonymous currency is a very interesting concept -- interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that," Gorman said during an event.

“I haven’t invested in it,” Gorman said. “I’ve talked to a lot of people who have. It’s obviously highly speculative but it’s not something that’s inherently bad. It’s a natural consequence of the whole blockchain technology. At what point do regulators -- like the Chinese have been saying -- just decide we want to control monetary flows for money laundering and privacy and capital outflows and all the other reasons.”

Other cryptocurrency was trading higher on Wednesday, including Etherum and Litecoin. 

Is Amazon going to start accepting Bitcoin?

Coin Telegraph reports an unverified rumor that Amazon may begin to accept bitcoin as payment as early as October.

The rumor of Amazon's bitcoin plan seems to have originated from a report on Squawker.org, with additional surveys suggesting that the company might stand to benefit from a financial standpoint if it decides to adopt Bitcoin payments. As of yet, no official announcement regarding any digital currency plans has been made.

Bitcoin could split yet again

Bloomberg reported last week that Bitcoin is likely to split again before the end of 2017.

Major industry players, including the bitcoin investor Roger Ver known as “Bitcoin Jesus” for proselytizing on behalf of the digital currency, say consensus between opposing camps looked increasingly unlikely. That opinion was echoed by some of the biggest mining pool operators and also programmers -- known as “Core” developers -- who were instrumental to developing the infrastructure of the original bitcoin network.


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