Bitcoin Value Rises to Over $1300

Written by

The cash value of a Bitcoin has risen to an all time high, with one Bitcoin now worth more than $1,300.

Citing the CoinDesk Bitcoin Price Index, which at the time of writing was worth $1,308, CNBC has said that Bitcoin has risen by 23% this month. The previous high was $1,325.81, reached on 10 March just before the SEC rejected a bitcoin exchange-traded fund application, which hit the cryptocurrency’s value.

Aaron Higbee, CTO and co-founder at PhishMe, told Infosecurity that there are multiple influences on Bitcoin’s price fluctuation. “The biggest moves can usually be tied to government regulations or policy changes like India’s aggressive change to get cash declared and in banks. Some fans of cryptocurrency only see long term viability if people start transacting it for normal goods or services. This shakes the stigma that it’s only used on the underground for illicit goods.“

Research conducted by Infosecurity determined that a common payout for a ransomware infection by an average person was around five bitcoins, which at current prices would come in at over $65,000.

Higbee said: “While it’s difficult to tie Bitcoin price swings to any one event, one thing for sure, Bitcoin transactions are on the rise due to the increasing victim count of those who’ve had their computers infected via phishing emails delivering ransomware. Cybercriminals are not price adjusting their ransomware phishing emails.

“Depending on the ransomware family and affiliate, the typical ransom request has been either .5 or 1 btc. This means that a year ago today, you would be paying $225-$450 to decrypt a single computer. Today you are paying $650-$1320.

“I’m sure this isn’t lost on the ransomware phishing cybercriminals. While malicious actors are celebrating the price increase, folks like the Gemini Capital Winklevoss twins are biting their nails since they need cryptocurrency to have legitimate uses if the SEC will ever overturn their ETF rejection. Cybercriminals getting rich on phishing isn’t helping their case.”

What’s hot on Infosecurity Magazine?