Bubble trouble? Bitcoin tops $11,000 after $1,000 surge in 12 hours

[Eugene]

Source: Reuters

#BUSINESS NEWS NOVEMBER 28, 2017 / 5:00 PM / UPDATED 15 MINUTES AGO

Bubble trouble? Bitcoin tops $11,000 after $1,000 surge in 12 hours

Jemima Kelly, Gertrude Chavez-Dreyfuss
5 MIN READ

LONDON/NEW YORK (Reuters) - Bitcoin zoomed past $11,000 to hit a record high for the sixth day in a row on Wednesday after gaining more than $1,000 in just 12 hours, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion.

After soaring more than 1,000 percent since the start of the year, bitcoin rose as much as 15 percent on Wednesday.

It topped $10,000 for the first 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, and then dipping back below $11,000.

Bitcoin’s rapid ascent has led to countless warnings that it has reached bubble territory in recent weeks. But the warnings have had little effect, with dozens of new crypto-hedge funds entering the market and retail investors piling in.

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Read more: https://www.reuters.com/article/us-markets-bitcoin/bubble-trouble-bitcoin-tops-11000-after-1000-surge-in-12-hours-idUSKBN1DS2X1

[superpatriotman]

1. Just waiting for all the little suckers to throw in

Then boom! Bust.

[Initech]

2. Just like the gold rush, you know who's really getting rich off Bitcoin?

The people selling the mining equipment.

[dalton99a]

3. Trump's new infrastructure proposal: "1,000 bitcoin mines in every state"

[MineralMan]

4. What if Bitcoin Collapsed and Nobody Noticed?

While I regret not mining some Bitcoin back in the early days, I don't regret it all that much.

[Wwcd]

5. Here's more on the bitcoin threat. Posted earlier, shows the bitcoin underbelly. Putin, of course.

https://www.democraticunderground.com/1016197374

A global security threat: Meet The Worlds Most Powerful Bitcoin Backers.

...

[Adrahil]

6. Some Speculators get rich, and many will lose their shirts.

I don't understand Bitcoin, really. Why would anyone use Bitcoin as a currency in this bubble environment? THis is a made up asset. It does not exist except as a fiction. But there ya go.

[CanonRay]

9. It Trump time

Up is down, black is white, lies are true. Why not bitcoin, makes perfect sense!

[Orrex]

7. With that kind of loot you can buy Boardwalk AND Park Place.

Wowsers!

[CanonRay]

8. No bubble here

Great time to buy!