Bitcoin Above USD 12,000
Bitcoin extended its raising breaking the mark $12,000 on Wednesday, although many experts have said it’s a bubble and may be burst one day.
After U.S. derivatives regulator announced about allowing CME Group Inc and CBOE Global Markets to list bitcoin futures contracts on Friday, the digital coin has increased in price.
The move opens the door to added regulation but also more mainstream adoption, as bitcoin futures and other derivatives would make it easier to trade the new asset class.
Among high qualified individuals there is a Nobel Prize-winning economist Joseph Stiglitz, who have said the digital currency should be outlawed.
“It took a long time to establish the methodology and the way bitcoin was traded. The original appeal came from the fact they were unregulated. We are in the throes of a bubble market, and one of the characteristics of a bubble market is that there is no way to know when the bubble will burst.” said Mick McCarthy, CMC Markets’ chief market strategist in Sydney.
Bitcoin was last up 4.48 percent at $12,200.40 on the Luxembourg-based Bitstamp exchange after surging to the record peak of $12,276.00.
The last rising of cryptocurrency was on the Luxembourg-based Bitstamp exchange by 4.48%, reaching the point $12,200.
The president of the Bitcoin Association in Hong Kong Leonhard Weese said the reason of flowing lot of money into bitcoin, is that most buyers are motivated by “fear of missing out” and greed.