Bitcoin prices surged to a fresh record high Monday as cash continues to pour into the cryptocurrency after a major exchange raised $100 billion in new funds and new rules look to speed transaction processing times.
Bitcoin prices were marked at $4,171.00 each on the Bitsmap exchange in London, just a few dollars shy of the record $4,182.00 the digital currency hit in early trading, a level that takes bitcoin's year-to-date gain to just under 320%. It also gives Bitcoin a theoretical "market capitalisation" of around $68.7 billion, based on the 16.5 million coins that have been verified by blockchain miners, a figure that would be larger than the value of Switzerland's UBS AG (UBS) or the combined values of Credit Suisse Group (CS) and the Royal Bank of Scotland Plc (RBS) .
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
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