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Bitcoin Surpasses $12,000 Despite Central Banks' Warning

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Bitcoin, the largest cryptocurrency by market value, surged to yet another new record high on Wednesday, breaking the $12000 benchmark price. The currency hit an intra-day high of $12,488 in Hong Kong.

Bitcoin, which was valued at less than $1,000 at the start of the year, had a spectacular rise recently, and crossed $10000 last week. Investors continued to rally behind the world's no. 1 digital currency shrugging off increased warnings of a price bubble in what not everyone agrees is an asset.

The latest warning to investors against betting on bitcoin and other cryptocurrencies came from India's central bank. Reiterating the concerns it had raised twice before, the Reserve Bank of India issued a strong warning Tuesday about bitcoin and the risks of investing in cryptocurrencies and initial coin offerings.

RBI cautioned "users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs".

Over the weekend, Pan Gongsheng, deputy governor of the People's Bank of China, said: "So there's only one thing we can do—watch it from the bank of a river."

Currently, there are 14 cryptocurrencies with a market value of $1 billion or greater. The combined value of all cryptocurrencies in circulation is more than $300 billion, it is estimated.

by RTT Staff Writer

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