As Bitcoin Soars, Prices Diverge Wildly Across Exchanges

Lloyd Doyle
December 8, 2017

At 12:02 p.m. EST, the cryptocurrency traded at $16,260.01.

There is mounting concerns about its introduction into the mainstream financial system after US regulator the Commodity Futures Trading Commission last week cleared the way for Bitcoin futures to trade on major exchanges, a decision which analysts say has helped to spur the recent rally.

Popular cryptocurrency exchange Coinbase is having a rough Thursday morning amid bitcoin's huge gain in price.

Earlier this week Bitcoin's price entered a phase of rapid growth, starting at about $11,000 on Monday and hitting the $15,000 mark early on Thursday. The best-known is Bitcoin, although there are now more than 1,000 in circulation, including Ethereum, Ripple and Dash.

On December 4, bitcoin had dipped below the previous high of Dollars 11,000, coming off just shy of USD 11,800.

Even by bitcoin standards, Thursday was a wild ride.

"Personally, I am a believer in how digital currency can play a role in our society... but for now, it seems like it's more driven by the hype of investing and getting a return rather than using it as a transaction currency". Chicago-based Cboe Global Markets is planning to launch bitcoin futures on Sunday, while the world's largest futures exchange, CME, is set to launch its futures product the following week.

Bitcoin may be digital currency, but why would anyone spend it? Last week, the US Commodity Futures Trading Commission cleared the way for three firms to launch bitcoin derivatives.

From a currency associated with terrorism and illegal activities to developing into a "mass frenzy", Bitcoin's value has surpassed all expectations and many bears have turned into bulls now.

There are many reasons why people prefer to own bitcoins. JPMorgan Chase Jamie Dimon has called bitcoin a "fraud".

The futures signal more mainstream acceptance of the currency, but also open up bitcoin to additional market forces. Its content is produced independently of USA TODAY.

Other reports by Iphone Fresh

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