Bitcoin blows past $15,000, adding $2,000 in less than 12 hours
Source: New York Post
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 worlds 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 $15,344 on the Luxembourg-based Bitstamp exchange around 9:20 a.m. ET, leaving it up more than 12 percent on the day, having traded just above $13,000 12 hours earlier. Many market-watchers said the launch this weekend of bitcoin futures by CBOE, one of the worlds biggest derivatives exchanges, was helping drive up the price on expectations it would draw more investors to the market.
Futures trading will mean more demand
and is a form of ratification of the underlying tech bitcoin and cryptocurrencies in general. They are now on the main stage, said Charles Hayter, founder of cryptocurrency data analysis firm Cryptocompare. But some are warning that the launch of bitcoin futures, which will allow investors to take speculative short positions on the cryptocurrency, as well as long positions, could cause even greater volatility.
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.
Read more: https://nypost.com/2017/12/07/bitcoin-blows-past-15000-adding-2000-in-less-than-12-hours/
Javaman
(62,530 posts)BlueIdaho
(13,582 posts)elmac
(4,642 posts)and buying a truck load of Tulip bulbs!
melm00se
(4,993 posts)if you don't own any, run away
Lochloosa
(16,066 posts)Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.
http://money.cnn.com/infographic/technology/what-is-bitcoin/
IronLionZion
(45,457 posts)bitcoin owners just have to hope someone else will accept it for purchases or buy it from them with real currency. It's value is entirely dependent on other people wanting it. And there will be limits to that.
It amazes me that people think it has any value. This won't end well.
ffr
(22,670 posts)A currency with no audit trail. Really? Is that what the markets are favoring? Scary shit for what's to happen in the future.
CanonRay
(14,104 posts)can't remember the end of that quote! Damn.
IronLionZion
(45,457 posts)what could go wrong?
Initech
(100,081 posts)rickford66
(5,524 posts)LanternWaste
(37,748 posts)Pet Rocks and Mood Rings were pretty trendy as well.
KWR65
(1,098 posts)keithbvadu2
(36,829 posts)Bengus81
(6,931 posts)Get yours today!!
Blue_Tires
(55,445 posts)DinahMoeHum
(21,794 posts). . .ie. CBOE, CME. . . they are legitimate exchanges for real commodities, ie. grains, meats, energies, etc.
They're the "picks and shovels" of this crypto-gold rush.
Just my 2 cents.
Kimchijeon
(1,606 posts)Fascism is here and smart investors know what is up.
bluestarone
(16,976 posts)OH MY THE REST will CRY CRY CRY then blame the DEMOCRATS!!!!!