Bitcoin Tops $15K, Surging about $3K in 33 Hours

Ceria Alfonso
Diciembre 8, 2017

On Coinbase's GDAX exchange, for example, the price of bitcoin is trading above $18,400.00 as of press time.

The price of bitcoin on Thursday was all over the place, with various exchanges showing significantly different prices - some more than $1,000 apart.

In trading on the Coinbase exchange, the digital currency hit a high of $19,340 after soaring through $12,000 on just Tuesday night.

At 12:48 p.m., for instance, bitcoin was trading at $19,141 a coin on Bithumb, an exchange in South Korea. "But to think prices are at mania levels where this could suffer a serious crash here... is a bit ridiculous". "Now we need people profiting immensely all around us and making forecasts for $1 million, etc., for it to truly have reached a euphoric peak", Newton said.

Bitcoin has been taking traders on a wild, highly volatile ride on Thursday.

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Cboe Global Markets Inc. has said it will start trading bitcoin futures on December 10, while CME Group Inc's contracts are set to debut on December 18.

Bitcoin may be digital currency, but why would anyone spend it? "We're glad to have expanded to the USA at this time with so much interest due to the impending Bitcoin futures launches", bitFlyer COO Bartek Ringwelski, said in an email.

Bitcoin's rally of more than $3,000 in the past 24 hours continues to defy its legions of skeptics, as mainstream demand for the world's largest cryptocurrency explodes.

Cryptocurrency exchanges, which don't have the industrial infrastructure of traditional exchanges such as the New York Stock Exchange or the Nasdaq, are under pressure to handle record trading volumes. JPMorgan Chase Jamie Dimon has called bitcoin a "fraud". Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are "going to be the biggest bubble of our lifetimes".

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