Money Bitcoin surges above $15,000 after climbing $2,000 in 12 hours

07:45  10 december  2017
07:45  10 december  2017 Source:   Reuters

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Bitcoin rocketed above $ 15 , 000 for the first time on Thursday, after adding more than $ 2 , 000 to its price in fewer than 12 hours . Bitcoin , the world’s biggest and best-known cryptocurrency, has seen a more than fifteenfold surge in its value since the start of the year. It climbed to as high as

LONDON, Dec 7- Bitcoin rocketed above $ 15 , 000 for the first time on Thursday, after adding more than $ 2 , 000 to its price in fewer than 12 hours .. LONDON/NEW YORK, Dec 7 (Reuters) - Bitcoin rocketed to a lifetime high well above ,000 on Thursday after climbing some 67 percent over one

a circuit board: A copy of bitcoin standing on PC motherboard is seen in this illustration picture © REUTERS/Dado Ruvic A copy of bitcoin standing on PC motherboard is seen in this illustration picture

Bitcoin rocketed to a lifetime high well above $16,000 on Thursday after climbing some 67 percent over one week, intensifying the debate about whether the cryptocurrency is in a bubble about to burst.

The largest U.S. cryptocurrency exchange struggled to keep up with record traffic as the price surged, with an upcoming launch of the first bitcoin futures contract further fueling investor interest.

Proponents say bitcoin is a good medium of exchange and a way to store value, much like a precious metal. They also argue it is preferable to traditional currencies because it is not subject to central bank manipulation.

Bitcoin plunges $2,000 after wild record ride past $11,000

  Bitcoin plunges $2,000 after wild record ride past $11,000 Hours after surging past $11,000, bitcoin tumbled almost 20 percent from the high, wiping more than $2,000 from its price in five hours. It traded at $9,340 as of 2:52 p.m. in New York. The heaviest selling came amid reports of service outages and delays on some of the largest online exchanges. The cryptocurrency had rallied 20 percent in just four days, topping $10,000 for the first time earlier this week in a runup that drew increased warnings it was in a bubble. Bitcoin ended September at $4,171.25.

LONDON (Reuters) – Bitcoin rocketed above $ 15 , 000 for the first time on Thursday, after adding more than $ 2 , 000 to its price in fewer than 12 hours . It climbed to as high as ,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT, leaving it up more than 12 percent on the day, having

Bitcoin , the world's biggest and best-known cryptocurrency, has seen a more than fifteen -fold surge in its value since the start of the year. It climbed to as high as $ 15 ,212 on the Luxembourg-based Bitstamp exchange just after 1400 GMT, having traded just above , 000 12 hours earlier.

The supply of bitcoin will eventually be capped at 21 million, and some 16.7 million have already been released.

But critics say that the price run-up is a bubble that has been driven mostly by speculation, leaving bitcoin vulnerable to a sharp reversal. JPMorgan Chase & Co Chief Executive Jamie Dimon famously called bitcoin a fraud in September.

"Bitcoin remains a major gamble as it is very much an asset that remains in uncharted waters, we've simply not experienced this before," said Nigel Green, founder and chief executive of deVere Group.

"Also, an asset that goes almost vertically up should typically raise alarm bells for investors," he added.

The world's biggest cryptocurrency has surged seventeen-fold in value so far this year.

Bitcoin exchange NiceHash robbed of $64 million from its wallet

  Bitcoin exchange NiceHash robbed of $64 million from its wallet As the value of Bitcoin soars, it also turns holders of large volumes of the currency into prime targets for thieves. For those keeping score, that’s about 4,700 BTC, each worth about $13,617 at the time of the breach.

Bitcoin , the world's biggest and best-known cryptocurrency, has seen a more than fifteen -fold surge in its value since the start of the year. It climbed to as high as $ 15 ,212 on the Luxembourg-based Bitstamp exchange just after 1400 GMT, having traded just above , 000 12 hours earlier .

LONDON (Reuters) - Bitcoin rocketed above $ 15 , 000 for the first time on Thursday, after adding more than $ 2 , 000 to its price in fewer than 12 hours . It climbed to as high as ,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT, leaving it up more than 12 percent on the day, having

The latest move brought its so-called market cap, its price multiplied by the number of bitcoins in circulation, to nearly $305 billion, according to Coinmarketcap, a trade website. By comparison, the market value of Wal-Mart Stores Inc is around $288 billion.

Analysts said the launch slated for this weekend of bitcoin futures by Cboe Global Markets Inc's Cboe Futures Exchange, one of the world's biggest derivatives exchanges, was helping drive up the price on expectations it would draw more investors to the market.

The CME Group will launch bitcoin futures one week later, while Nasdaq Inc plans to get into the mix next year.

It is not clear to what extent big U.S. banks will participate in the new bitcoin-related activity.

Goldman Sachs Group Inc will clear bitcoin futures for certain clients when they go live, a spokeswoman said on Thursday.

The bank is "evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process," spokeswoman Tiffany Galvin said.

South Korea has reportedly banned bitcoin futures

  South Korea has reportedly banned bitcoin futures South Korea has banned securities firms from handling bitcoin futures. Exchange operator Cboe launched first bitcoin futures on Sunday night. Huge demand for the product crashed <g class="gr_ gr_5 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace" data-gr-id="5" id="5">Cboe's</g> website and sent prices jumping.Business Korea reported that the Financial Services Commission of Korea issued a directive banning securities firms from taking part in bitcoin futures transactions, citing sources.

Bitcoin crosses above $ 15 , 000 on some exchanges 8hr. Bitcoin tops $ 15 , 000 , 12 hours after clearing , 000 8hr. Dollar rallies on stronger risk appetite, bitcoin tops $ 15 , 000 .

LONDON (Reuters) - Bitcoin rocketed above $ 15 , 000 for the first time on Thursday, after adding more than $ 2 , 000 to its price in fewer than 12 hours . Bitcoin , the world's biggest and best-known cryptocurrency, has seen a more than fifteenfold surge in its value since the start of the year.

Bitcoin climbed as high as $16,615.62 on the Luxembourg-based Bitstamp exchange, up nearly 22 percent on the day. It was last at $16,607.14.

Coinbase, the largest U.S. platform for buying and selling cryptocurrencies, said on Thursday on Twitter that it had experienced an outage due to record traffic. The venue was last up and running.

Some investors said they still see scope for bitcoin to soar even higher.

"It will hit potentially $20,000 because so much capital is coming in and it's the most liquid secure coin out there," said David Drake, founder and chairman of DLJ Capital, a family office in New York.

Other trading venues showed different prices for bitcoin, which trades in more than 100 cryptocurrency exchanges that are not accountable to any central authority. For instance, at institutional trading platform GDAX, bitcoin topped $19,000, while it hit above $16,000 at itBit.

Those price discrepancies could add another level of speculation by introducing the prospect of arbitrage trades between the markets.

For graphic on bitcoin prices: http://tmsnrt.rs/2AHKJPd

Bitcoin slips to around $16,300, futures volumes drop

  Bitcoin slips to around $16,300, futures volumes drop Virtual currency bitcoin dipped slightly from the previous session's record highs on Tuesday, after a month of whirlwind and volatile gains leading up to the launch of bitcoin futures on the weekend. Bitcoin was quoted at $16,390 on the Luxembourg-based Bitstamp exchange (BTC=BTSP), down half a percent or $80 from its previous close.The world's biggest and best-known cryptocurrency hit a record high of $17,270 on Monday, registering a nearly twenty-fold increase in its price for the year as it drew in millions of new investors.

LONDON (Reuters) - Bitcoin rocketed above $ 15 , 000 for the first time on Thursday, after adding more than $ 2 , 000 to its price in fewer than 12 hours . Bitcoin , the world's biggest and best-known cryptocurrency, has seen a more than fifteenfold surge in its value since the start of the year.

LONDON, Dec 7 (Reuters) - Bitcoin rocketed above $ 15 , 000 for the first time ever on Thursday, up more than 10 percent on the day, after adding more than. 6 Published By - Daily MailOnline - 2017. 12 .07.

STOKING VOLATILITY

Some warned that the launch of bitcoin futures, which will allow investors to take speculative short positions to bet against the cryptoccurrency, as well as long positions, could spark further volatility.

And while Cboe, CME and Nasdaq offer strictly policed trading environments, the underlying bitcoin market is riddled with exchanges lacking even basic oversight.

The Futures Industry Association, representing some of the world's largest brokers, sent a letter on Thursday to the U.S. Commodity Futures Trading Commission saying that more safeguards are needed to protect against bitcoin's high volatility and the risk of manipulation in the spot market.

"Aggressive traders, such as hedge funds and algorithm-driven funds, (will be able) to use this futures market to enter bitcoin trading with high levels of liquidity for aggressive short-selling and knock the prices really low," said Think Markets analyst Naeem Aslam.

"Players now have an incentive to be on the short side and make profits hedging against the upside."

Concerns about cybersecurity could also take the shine off of bitcoin.

Slovenian cryptocurrency mining marketplace NiceHash, which matches people looking to sell processing time on computers in exchange for bitcoin, said on Thursday it had lost about $64 million worth of bitcoin in a hack of its payment system.

Danish central bank head issues stark warning on 'deadly' bitcoin

  Danish central bank head issues stark warning on 'deadly' bitcoin By Stine Jacobsen

LONDON (Reuters) - Bitcoin rocketed above $ 15 , 000 for the first time on Thursday, after adding more than $ 2 , 000 to its price in fewer than 12 hours . Bitcoin , the world's biggest and best-known cryptocurrency, has seen a more than fifteenfold surge in its value since the start of the year.

LONDON (Reuters) – Bitcoin rocketed above $ 15 , 000 for the primary time on Thursday, after including greater than $ 2 , 000 to its worth in fewer than 12 hours . FILE PHOTO: A Bitcoin brand is displayed on the Bitcoin Middle New York Metropolis in New York’s monetary district in NY, U.S. on July 28, 2015.

Bitcoin slumped in 2014 when MtGox, then the world's biggest bitcoin exchange, collapsed after saying it had been hacked and had 650,000 bitcoins stolen.

The value of all cryptocurrencies now stands at nearly $430 billion, according to Coinmarketcap.

Bitcoin has more than tripled in price since the start of October, putting it on track for its best quarter since the end of 2013, when it surged above $1,000 for the first time.

In Photos: Bitcoin: Everything you need to know

One of the co-founders of bitcoin.com has sold all of his bitcoin, says it's 'as good as useless' .
Bitcoin is "as good as useless" and has no future as a tradeable currency says Emil Oldenburg, the co-founder and CTO of bitcoin.com , one of the world's largest bitcoin industry websites. Oldenburg sold all of his bitcoins and believes others will do the same when they realize how illiquid the market is.Bitcoin's main drawbacks are high fees and transaction costs, and the resistance to change from people running the old bitcoin network.Oldenburg believes there is a future for bitcoin cash.Bitcoin.

Source: http://au.pressfrom.com/news/money/-49029-bitcoin-surges-above-15-000-after-climbing-2-000-in-12-hours/

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