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techkenyot.com May 23, 2018


Bitcoin price punches through $12000 reaching new high

07 December 2017, 06:08 | Hattie Nash

Bitcoin price punches through $12000 reaching new high

Simon Dixon CEO

It now has a market cap of $236 billion and accounts for over 60 percent of the overall cryptocurrency market. The low today was $11,670 so the record represents a gain of $1,128 in less than 24 hours.

The move opens the door to more regulation but also more mainstream adoption, as bitcoin futures and other derivatives would make it easier to trade the new asset class. For the year, bitcoin is up around 1,500%, having started 2017 at $968.23.

But those declines didn't stop the overall market valuation for cryptocurrencies from pushing past the $400 billion mark.

"The price advance comes amid speculations of a likely correction given the consistent overbought conditions in the market but bitcoin just seems to be defying gravity", he added.

However, many financial experts and exchanges have adopted the cryptocurrency.

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Craig Erlam, senior market analyst at Oanda, said: "It will be interesting to see what happens once Bitcoin futures are launched on Cboe and CME and traders are given the chance to short, should they be fearless enough".

"All the authorities can do is put the sign from Dante's Inferno - 'Abandon hope all ye who enter here, '" Davies said. The firm is now applying for a European banking license.

It slumped in 2014, after Mt Gox, then the world's biggest bitcoin exchange, collapsed, saying it had been hacked and had 650,000 bitcoins stolen.

There are two key traits of Bitcoin: it is digital and it is seen as an alternative currency.

Bitcoin is a decentralized system based on blockchain technology, which any user - participant of the system can emit, creating new blocks of the system with the help of a computing device.

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CME Group (NASDAQ:) will begin initial listings of bitcoin futures contracts on December 18.

Financial regulators have taken a range of views on the status of digital currencies and their risks.

Quelenn said "sheer greed" would be responsible for the surge.

The research said 82 per cent of Britain's institutional investors - pension funds, insurance companies and endowments - believe that bitcoin is a bubble ready to pop. "Just watch the fireworks", he said.

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