Bitcoin crosses $12000 mark, now at $13033

Lloyd Doyle
December 7, 2017

Experts in the financial sector are saying that this could be one of the biggest Bitcoin market shake-ups of all time.

In late November, as bitcoin brushed passed $10,000, one expert told IBTimes UK the rise was bolstered by news from USA derivatives operator CME Group that it was planning to launch Bitcoin futures contracts later this year - giving investors a safer way to short the currency. Bitcoin is the largest cryptocurrency by market capitalization. However, the low today was at around $11,560, which is basically nothing compared to the total increase day after day.

Bitcoin was trading at Dollars 12,269 at 8:12 AM, according to industry site CoinDesk. Its market cap is now at $219.6 billion.

Bitcoin has broken another record, this time crossing the $12,000 mark, and shows no sign of slowing down yet. This upbeat and bullish run that the Bitcoin is experiencing is also helping lesser coin, or altcoins, to gain ample traction in the community. A very recent article on the issue can be found in Ars Technica.

The latest buying spree was reportedly triggered by growing interest among South Korean speculators, as well as rumors about bitcoin derivatives that will be on sale in the United States by next week. This development will open bitcoin to a wider range of investors who will be able to trade bitcoin futures.

Yet despite the worry, the value of Bitcoin continued to rocket to even greater heights.

For one, Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at investment bank Morgan Stanley, told CNBC on Tuesday that he was deeply skeptical of investing in bitcoin. However, if bitcoin continues on up for some time, they can lose their shirt. The continuing volatility of bitcoin's price will likely limit its use and acceptance as a currency.

Other reports by Iphone Fresh

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