Bitcoin Rises Again As Cryptocurrency Gets A New 'Pal' In Peter Thiel

Bitcoin prices reclaim $17,000 after trading in the tight range of $15,500-$16,000 for nearly a week

A few days after the media reports appeared suggesting that PayPal's co-founder Peter Thiel's 'Founder Fund' invested over $15 million in bitcoins last year, the cryptocurrency prices started recuperating again. The bitcoins prices had hit a glass ceiling near $14,000 towards the end of 2017, but have started recovering lately. The price has been on an upward swing in the past few days and hit a high of $17,149. The latest trigger came when the reports surfaced early last week that Paypal co-founder and billionaire investor Peter Thiel had made massive bets on the cryptocurrency in the year 2017.
On January 6, the digital currency BTC opened trading at $17,142 and hit a high of around $17,150 and a low of $16,840. At 8.10 am, the cryptocurrency was being traded at $16,895 on BitStamp.

On January 5, it touched a high of $16,928. The bitcoin prices have commenced the year 2018 on a relatively tepid note as they closed at $13,443 on January 1 against around $14,000 a day before. On January 2, however, the bitcoin prices rose significantly to $14,679. The next day, the prices hit $15,156. On January 4, the prices stayed in close range and ended at $15,144.

It is worth mentioning that the prices had scaled a peak of $19,666 on December 17 on the rollout of futures trading at the CME Group.