Bitcoin price surges to an all-time high

The cryptocurrency has been gaining ground since October

Bitcoin prices surged to an all-time high this morning, reaching a value of $36,352.20 (£26,627.80).

The all-time high trading was recorded at around 7:00  this morning (GMT), just days after the cryptocurrency managed to cross the $34,000 mark for the first time.

However, the cryptocurrency remains volatile, and at the time of publication, its value had dropped to $35,024 (£25,666).

On 3 January, Bitcoin’s value rose to $34,452.08 (£25,242.18), significantly surpassing its previous record of $19,140.80 (£14,028.96) recorded in December 2017.

However, co-founder, chairman, and CEO of Celsius Network, Alex Mashinsky, told Forbes that the digital currency was “overdue” for a pullback.

“I expect a severe 30% correction between now and March, and then we will see new highs of $50k or more,” he told the publication.

Only last month, Bitcoin’s value surpassed the $22,000-barrier for the first time in its history, representing a 175% rise during 2020. Its success has been credited to wider economic conditions, backing from investors, and encouraging signs that the cryptocurrency is being adopted by mainstream platforms and services such as PayPal.

An example of such could be the UK-based Ruffer Investments, which purchased a staggering $744 million worth of Bitcoin in November.

However, the digital currency’s all-time record comes as it has been revealed that cyber criminals had been running a sophisticated operation to steal cryptocurrency from unsuspecting victims by luring them to fake exchange platforms to access their wallets.

The campaign, which has been running for a year, comprises domain registrations, websites, malicious applications, fake social media accounts and a previously undetected remote access tool (RAT) dubbed ElectroRAT, according to Intezer Labs researchers.

The ElectroRAT campaign is reported to have affected more than 6,500 users, based on the numbers of visitors to the pastebin pages used to locate the command and control servers. 

Featured Resources

The ultimate law enforcement agency guide to going mobile

Best practices for implementing a mobile device program

Free download

The business value of Red Hat OpenShift

Platform cost savings, ROI, and the challenges and opportunities of Red Hat OpenShift

Free download

Managing security and risk across the IT supply chain: A practical approach

Best practices for IT supply chain security

Free download

Digital remote monitoring and dispatch services’ impact on edge computing and data centres

Seven trends redefining remote monitoring and field service dispatch service requirements

Free download

Most Popular

Best Linux distros 2021
operating systems

Best Linux distros 2021

11 Oct 2021
What is cyber warfare?
Security

What is cyber warfare?

15 Oct 2021
HPE wins networking contract with Birmingham 2022 Commonwealth Games
Network & Internet

HPE wins networking contract with Birmingham 2022 Commonwealth Games

15 Oct 2021