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Inside Bitcoin (Nov 27th, 2017)

$BTC (1:36 PM EST): $9,600.00 (2.46%)

90-day high: $8,266.57 // 90-day low: $3,239.15 // More… $BCH (1:36 PM EST): $1,646.49 (1.63%)

90-day high: $2,050.08// 90-day low: $275.90 // More

$ETH (1:37 PM EST): $476.50 (4.03%)

90-day high: $489.17// 90-day low: $198.72 // More

$LTC (1:38 PM EST): $89.84 (4.96%)

90-day high: $92.06// 90-day low: $37.87 // More

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The price of bitcoin soared over the holiday weekend, breaking the $9,000 barrier on Sunday and approaching the $10,000 threshold on Monday. Bitcoin rose more than 8 percent on Sunday, trading as high as $9,484.91 per coin, and reached $9,730 per coin this morning. The growth is attributed to an influx of more than 100,000 customers to Coinbase, the largest bitcoin exchange in the U.S., between Wednesday and Friday. "Anecdotally, everyone I have talked to in the cryptocurrency community has said that Thanksgiving table discussion was all about bitcoin, and that inspired many family members to buy bitcoin," said Brian Kelly, CEO of BKCM. "I suspect that pattern was repeated across tables everywhere." -CNBC

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Bitcoin was not the only cryptocurrency to hit a record high over the holiday. Ethereum surpassed $400 for the second time in its history on Thursday and is now close to $500 per coin. The previous high of $414.76 per coin was set this past June. Ether has risen more than 5,000 percent since the start of the year. The rise follows a prediction from billionaire Mike Novogratz who said ether would hit $500 by the end of the year. Other cryptocurrencies have boomed as well with Bitcoin Cash trading above $1,600 per coin and Litecoin briefly topping $90 per coin. –USA TODAY

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Nearly 4 million bitcoins may already be lost forever, a digital forensics firm estimates. In new research from Chainalysis, between 3.79 million and 2.78 million bitcoins have already been lost by their owners. Bitcoins become lost when the owner loses track of them, perhaps throwing away a hard drive that held their online keys. The lost coins could contribute to bitcoin’s incredible price surge as the bitcoin code only allows for 21 million bitcoins to be mined. While coins will continue to be “lost” in the future it is expected the rate will slow. The majority of lost coins come from long-term holders that bought in the early days of bitcoin. -FORTUNE

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Sahil Gupta, a computer science student at Yale University and former intern at SpaceX, believes Elon Musk is Satoshi Nakamoto, the creator of bitcoin. Nakamoto’s true identity has remained a mystery since the digital currency was created in 2009. Gupta said Musk has the technical capabilities, a passion for solving global problems, has been relatively silent on cryptocurrencies and doesn’t need the money. “Elon – if you are Satoshi, thank you,” Gupta wrote. “If not, well, thanks for the Tesla Roadster.” -CRYPTOCOINS NEWS

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The Big Bang Theory will air an episode this Thursday centered on bitcoin. In the episode, the characters find a laptop that is believed to hold bitcoins. The group dreams of ways to spend their newfound wealth only to see the digital currency disappear. Bitcoin has appeared on a number of television shows in recent years including The Good Wife, Mr. Robot, The Simpsons and Jeopardy. –BITCOIN.COM

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Khaldoon Al Mubarak, who heads Abu Dhabi's Mubadala Investment Company, remains “on the fence about bitcoin” and blockchain but says financial leaders need to keep an open mind. When asked if he agreed with JPMorgan Chase CEO Jamie Dimon, who has called bitcoin a fraud, Al Mubarak said “No. I wouldn't agree in calling it a fraud. I would say time will tell. It could well be (a fraud) and it could as well not be. I think one has to be open-minded." Al Mubarak’s said the biggest concern around bitcoin is the current lack of regulation. He would like to see an “acceptable” regulatory environment before making a strong investment. -CNBC

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The energy computers use to mine bitcoin so far this year is greater than the annual usage of 159 countries. In research from PowerCompare.co.uk, the amount of energy expended to mine bitcoin this year has already exceeded the average amount used in Ireland and many African nations. The company said 29.05 TWh of electricity was used to mine bitcoin so far in 2017, compared to an estimated 25 TWh of electricity per year used by Ireland. –BUSINESS INSIDER

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