Bitcoin Tops $11,000 After a $1,000 Spike in 12 Hours
$BTCUSD, $CME, $CBOE
Bitcoin ran past $11,000 to hit a record high for the 6th day running Wednesday after gaining more than $1,000 in 12 hours.
After gaining more than 1,000% YTD, Bitcoin rose as much as 15% Wednesday.
It topped $10,000 for the 1st time in early Asia trading, before surging above $11,000 less than 12 hours later to reach $11,395 on Luxembourg-based Bitstamp, one of the largest and most liquid cryptocurrency exchanges, then faded on profit taking.
Currently Bitcoin is trading at $9,799.4453, -768.74, or 7.27% Vs USD
Bitcoin’s ascent has led to analysts and pundits warnings that it has reached bubble status in recent weeks. Their warnings have had little effect, with dozens of new crypto-hedge funds entering the market and retail investors piling in.
The world’s largest Bitcoin wallet provider, San Francisco-based Coinbase, signed up 300,000 new users between last Wednesday and Sunday, during the US Thanksgiving Holiday, according to the data compiled. It now counts more than 13-M customers.
The evidence suggests that few of the users are buying Bitcoin to use it as a means of exchange, but are speculating to increase their capital.
Created in Y 2008, Bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds outside of a conventional centralized payment system.
It has far outstripped gains seen in any traditional asset classes or currencies this year.
It rise accelerated in recent months as exchanges such as the CME Group Inc. (NASDAQ:CME) and the Chicago Board Options Exchange (NASDAQ:CBOE) announced plans to offer futures contracts for the cryptocurrency.
Sceptics say it a classic speculative bubble with no relation to real financial market activity or the economy, but they do not deny its price rise could drive higher, Supply & Demand 101.
Standard Life’s head of investment strategy said Wednesday. “Who is to say it doesn’t reach $100,000?”
In some emerging markets, Bitcoin had hit well over $10,000 previously. In Zimbabwe, bitcoin traded at $17,875 Monday.
Despite its rising value Bank of England (BOE) Deputy Governor Jon Cunliffe said Wednesday bitcoin was not big enough to pose a risk to the global economy.
At the Reuters Investment Summit earlier this month one Key analyst said that mainstream institutional investors were about 6 to 8 months from adopting Bitcoin.
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