Bitcoin Runs to Record $10,000
$BTCUSD, $CME, $JPM
Bitcoin broke $10,000 for the 1st time Tuesday bringing the YTD price rise to more than 10X.
Currently Bitcoin is trading at $10,541.9951, +621.86 or +6.27% on the day.
The fast action is bringing to the mainstream what was once considered the providence of computer developers, futurists and libertarians seeking to create an alternative to central bank-controlled monetary systems.
While the actual volume of transactions conducted in cryptocurrencies is still relatively small, the optimism surrounding the technology is driving it to new highs.
There’s no agreed authority for the price of Bitcoin, and quotes can vary significantly across exchanges, but the cryptocurrency has traded at a persistent premium over $10,000 in some countries.
Volumes are also difficult to assess.
From Wall Street executives to venture capitalists, observers have weight in, with some more skeptical than others as Bitcoin’s rise has grown steeper, sweeping along individual investors.
The number of accounts at Coinbase, 1 of the largest platforms for trading Bitcoin and rival ethereum, has almost 3X’d to 13-M in the past year, according to the data.
In a move toward mainstream investing, CME Group Inc. (NASDAQ:CMA)has said it plans to start offering futures contracts for Bitcoin, which could begin trading in December.
JPMorgan Chase & Co.(NYSE:JPM), the largest US bank, was weighing last week whether to help clients bet on Bitcoin via the proposed futures contracts.
“A sustained move above $10,000 will indicated people’s faith that further appreciations is expected,” Swissquote Bank SA head of market strategy said before the benchmark was reached. “Otherwise we should see significant profit-taking and decline as people sell.”
The total market cap of digital currencies now sits north of $300-B, according to data on Coinmarketcap.com’s website.
Online trading firm Swissquote said Bitcoin’s surge harks to the surprises of the UK referendum on European Union (EU) membership and President Trump’s election.
“We have underestimated the populist movements,” he said. “There is growing unease on how central banks and governments are managing fiat currencies. Ordinary people globally understand why a decentralized asset is the ultimate safe haven.”
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