Connect with us

Economy

Bitcoin crosses record high of $10,000 milestone

Gorkha Post

Published

on

KATHMANDU — The virtual cryptocurrency Bitcoin has reached the record high of $10,000 on Wednesday to surpass its previous high records of $9,000.

On Wednesday, Bitcoin was trading at $10,899.99 apiece trading across multiple USD exchanges including Coinbase and Gemini showing traded spot value above the milestone figure. The total value of all the bitcoins in existence has now surpassed $167bn.

According to the Coindesk Bitcoin Price Index, the market cap for the virtual currency also reached a historic high of $168 billion.

Biycoin has increased more than tenfold in value so far this year, posting the largest gain of all asset classes, amid increased institutional demand for crypto-currencies as financial and mainstream use.

Between January 1 and now, Bitcoin valuation has seen a near tenfold rise in from $997.69 to its current value. In November alone, Bitcoin valuation rose by over $3,550.

ALSO READ :  Economic crisis: Govt issues white paper

Created in 2009, bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds outside of a traditional centralised payment system.

But sceptics say it a classic speculative bubble with no relation to real financial market activity or the economy, most famously JPMorgan boss Jamie Dimon who labelled it a fraud.

As per some experts, the asset still has far to soar, but others say it represents a speculative bubble with nothing tangible at its core that could burst any time.

Bitcoin was established as a legitimate asset class when Japan legalized it as legal tender.

Continue Reading

Economy

NPC urges government to seek clarification from Chinese firm

Gorkha Post

Published

on

KATHMANDU — The National Planning Commission (NPC) has urged the government to seek clarification from China Three Gorges International Corporation (CTGC) over the construction of the Paschim (West) Seti Hydro Power Project.

The meeting of the NPC that began on Sunday, made the decision of seeking clarification from the company with a time period of 90 days regarding the construction of 750 MW hydropower project.

The hydropower project, which is expected to be completed in an investment of 1.60 billion rupees, will have 65 percent investments from the CTGC, 25 percent from the National Electricity Authority (NEA) and the 10 percent investments from the locals as share, as per the plans made before.

CTGC can sell off its 14 percent of its total 65 percent share to the Nepali investors. But the CTGC has been showing dissatisfaction over the rate of purchasing the electricity per unit (PPA). Previously it had asked the NEA to review the rate but got a negative response.

ALSO READ :  Air service resume at Khanidanda airport

“We have suggested the government to interrogate the company whether it will be able to complete the project or not. What has been the problem to expedite the construction along with the terms and conditions which the company wants to put forward,” NPC Vice President Swarnim Wagle said.

The CGTC, which has been delaying the construction over its dissatisfaction over the PPA, has been threatening to walk out of the construction.

The project, which covers the area of Doti, Dadeldhura, Baitadi, and Bajhang districts of Far Western Development Region of Nepal, can produce 3.33 billion units of electricity on yearly basis, accoridng to the probability study of the project.

Continue Reading
Advertisement Cheap Air fare and package tours!

LATEST TWEET

Classifieds

Posted 2 months ago

We have latest collections of designer sarees. Contact for wholesale or retails prices. We also deliver all types of fashion collections for men and women.

 Fashion & Clothings /  Kathmandu / 85 views

NPR 2,999.00

Posted 2 months ago

Remember us for all travel related services : Hotel booking ( Globally) Vehicle reservation Flight Ticket( Domestic/International) Tour packages Train ticket reservation Hiking and Trekking

 Travel & Tours /  Kathmandu / 80 views

NPR 2,000.00

Search Listings

TOP PICKS