According to CoinDesk, during the trading session held on March 2, the price of bitcoin reached $1,238 which is one dollar higher than the cost of an ounce of gold. This is another new high.
Starting at the beginning of this year, the bitcoin growth reflects the bullish trend in the stock markets. Besides, the cryptocurrency rally is fueled by speculation that a bitcoin ETF could be approved by the Securities and Exchange Commission. The decision should be taken until March 11.
Meanwhile, the gold price has not changed considerably for the past year and is fluctuating between $1,150 and $1,300 for a troy ounce.
Bitcoin is a cryptocurrency developed on the basis of a blockchain technology. According to Spanish investment fund Santander InnoVentures, the blockchain will help save approximately $20 billion a year due to reduction of transaction costs.
The Russian Ministry of Finance is putting forward a bill banning exchange operations involving cryptocurrencies. In March 2017, the Russia’s Finance Ministry started to elaborate a bill relating to cryptocurrencies, which, if approved, will likely see those who break the law end up in jail. However, the introduction of the document was decided to postpone due to the Russia’s Ministry of Justice comments.
