Bitcoin breaks above $12000 for the first time

Bitcoin breaks above $12000 for the first time

In early August 2017, cryptocurrency was divided into classic bitcoin and Bitcoin Cash, due to disputes about updates, which were supposed to increase the speed of transaction processing. The low today was $11,670 so the record represents a gain of $1,128 in less than 24 hours. Eight of the world's top 10 most-traded cryptocurrencies slid downward in price.

Bitcoin has soared to unbelievable heights this year.

But those declines didn't stop the overall market valuation for cryptocurrencies from pushing past the $400 billion mark.

"This is irrational exuberance", Royal Bank of Scotland Chairman Howard John Davies said in an interview on Bloomberg TV on Thursday.

"The price advance comes amid speculations of a likely correction given the consistent overbought conditions in the market but bitcoin just seems to be defying gravity", he added. The firm is now applying for a European banking license.

More news: United Nations to act on genocide against Rohingya muslims
More news: Earnest Partners LLC Increases Stake in Automatic Data Processing (NASDAQ:ADP)
More news: Are You Familiar with Analyst's Recommendation?: Walgreens Boots Alliance, Inc. (WBA)

Davies agreed with the brokerages' concerns that exchanges which are set to offer bitcoin futures and options have failed to get enough feedback from market participants on margin levels, trading limits, stress tests and clearing.

"We had done some tests before on the main net, but this was the first payment on the bitcoin blockchain across implementations", Stark said in an email. CoinDesk, the industry website reported that the digital currency reached $12,198.57.

This morning, NiceHash, a Slovenia-based mining marketplace for people willing to let their computers be used for mining, said hackers had stolen bitcoin worth $64 million from its systems. Larry Fink, CEO of BlackRock opined that bitcoin is an "index of money laundering".

CME Group (NASDAQ:) will begin initial listings of bitcoin futures contracts on December 18. Bitcoin accounts for about 60.5% of the digital currency market. She said this paves the way toward testing with outside businesses. The introduction of futures trading at CME and CBOE is cause for "an impending stampede" of institutional investors, eager to profit off the cryptocurrency's volatility.

Related Articles