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Bitcoin crosses record high of $10,000 milestone



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.

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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.

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Century Commercial Bank begins joint operation



Centuary Bank joint operation inuguration

KATHMANDU — After acquiring ‘B’ class Alpine Development Bank Limited and ‘C’ class Seti Finance Limited, Century Commercial Bank Limited has started its joint operation from Monday.

Joint operation of the bank was inaugurated by Chiranjibi Nepal, governor of Nepal Rastra Bank (NRB), according to a statement issued by the bank.

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The bank has acquired these two financial institutions to expand its capital to Rs 8 billion. The bank now had 85 branches across the country, which would soon be expanded to 100.

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