Bitcoin surges past $14,000 for the first time

News


07 Dec, 2017

Bitcoin surges past $14,000 for the first time

Bitcoin’s dizzying rise shows no signs of slowing down after the cryptocurrency surged past $14,000 (£10,460; €11,870) on Thursday, less than 24 hours after crossing the $12,000 barrier.

2017 will be remembered as the year in which Bitcoin came into the foreground, competing amongst the big players. In fact, its latest milestone was reached during the early trading session in Asia and comes just days before the launch of bitcoin futures on two stock exchanges, including CME, the world's largest futures exchange.

The announcement from the Commodity Futures Trading Commission (CFTC) means that investors will be able to buy and sell "future" contracts in bitcoins.

As a result of its latest surge, the digital currency now has a market value of e of more than $230 billion, meaning it would rank among the 20 largest stocks in the S&P 500.

Although the cryptocurrency has at times appeared unpredictable with its sudden drop in value at times, it has maintained relative consistency in its growth this year.

Bitcoin’s rise is made to seem even more impressive when one considers that the digital currency started the year at below $1,000.

However, its unprecedented growth has caused concern, with some analysts fearing a bubble market set to burst, whereas others say it is rising in price because it is crossing into the financial mainstream.

Today's News - Ex-HSBC and Microsoft chairs join fintech council