Bitcoin Surges Over $11000 - Then Drops Like A Brick

Lloyd Doyle
December 7, 2017

A few hours earlier, bitcoin had hit an all-time high of $12,798.78.

Bitcoin's surge of users comes as United Kingdom money transfer application Revolut announced it is planning to let its users sell and buy cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. As I write this at about 11 AM Central Time the price of bitcoin is $12,619 only slightly down from its recent high.

As reported by CoinMarketCap and Coindesk, bitcoin has risen with 9.63% in the last 24 hours, and over 19% this past week. "Unlike transactions at the Bombay Stock exchange, you are talking about relatively low volumes of transaction in this space, which means digital currencies are prone to wild swings as there is not much liquidity", says Jain.

At this point, it's worth it just to hang on your Bitcoins, given the extraordinary run that it's been on. In mid-2011, Bitcoin's price rose from $1 to $30 in two months, before crashing back to $2 before the end of the year.

In yet another new record, bitcoin's market cap has now leapt to $219.6 billion. Upcoming trade in bitcoin futures may be boosting priceJust recently three bitcoin future exchanges were approved in the USA and one will begin later this month.

Although many JPMorgan analysts have begun to warm to cryptocurrency - one strategist recently called them an "emerging asset class" - Dimon has been steadfast in his dismissal of bitcoin.

The digital currency has also gotten a big lift this year from mom-and-pop investors in countries like South Korea and Japan who don't want to miss out on the prospect of further big gains. "We will regulate bitcoins to curtail money laundering and tax dodging". "The way Bitcoin has been designed, is deflationary in nature and because it is in limited supply, the value generally tends to rise", he says.

The price of Bitcoin has been steadily increasing over the past several weeks, with industry experts saying that the trend is likely to continue in coming days. For many people, the easiest way to acquire these alternative cryptocurrencies is to first buy some bitcoins from a bitcoin exchange, then trade those bitcoins for another currency.

Other reports by Iphone Fresh

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