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.
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.Follow @gorkhapost
Govt forms panel to look into vegetable syndicate
KATHMANDU — The government has formed a committee to look into the issues of the Kalimati Fruits and Vegetables Market and come up with a viable solution after receiving several complaints from customers regarding the price of vegetables skyrocketing due to the prevalence of syndicate.
Minister of Industry, Commerce and Supplies Matrika Prasad Yadav formed a seven-member committee on Tusday. Nabaraj Dhakal, the joint secretary and also spokesperson at Ministry for Industry, Commerce and Supplies (MoICS), has been appointed as the chair of the committee.
Other members of the committee are joint secretaries of the Ministry of Agricultural and Livestock Development and Ministry of Home Affairs, Executive Director of Kalimati Fruits and Vegetable Market Development Committee Tejendra Prasad Poudel, a deputy inspector general of Nepal Police and two officer-level staff of MoICS.
Earlier, vegetable traders had halted trade at the Market demanding immediate release of Bharat Khatiwada and Ujwal Dhungana, who had been arrested on Monday for creating disturbance and obstructing the vegetable market monitoring.Follow @gorkhapost