Bitcoin Spikes, Marks 7000
Bitcoin rose past 7,000 Vs USD for the 1st time, marking 3 milestone in about 1 month after it cut through 5,000 like a hot knife through butter.
Spot pricing for Bitcoin climbed as much as 7.1% to a high of 7,045.46 before pulling back slightly to 6,977.40 at 9:27a in London Thursday, and is currently trading at 7,064.92 at 5:38p EDT in New York.
The leading cryptocurrency is up as much as 640% this year and is now worth more than $100-B.
“It is remarkable how resilientRbitcoin has been in the face of significant negativity,” said a research analyst at ForexTime, in a 1 November note to clients. “The price action suggests that Bulls have a very firm grip.”
CME is “caving in” to pressure from clients and placing a seal of approval around a “very risky, unregulated instrument that has a history of fraud and manipulation.”
The products planned by CME “remind us of the collateralized debt obligations which were flogged during the financial crisis,” he said.