$13000 and Rising - The Price of Bitcoin Continues to Climb

Thursday, 07 Dec, 2017

In the latest bang, Bitcoin, the most famous cryptocurrency as of now, breached an all-new high on Wednesday by crossing the Dollars 12,000 mark for the first time ever. Many say that the digital currency could be worth $25,000 or even more by the end of 2018, and two notable experts have forecast a $1 million price tag by 2020.

It touched a new a high of $14,400 in Asian trade before slipping back to $13,900, according to Bloomberg News.

For those keeping count, bitcoin's price has jumped by $3,000 in less than a week.

However, CEO Lloyd Blankfein said during a recent TV interview that it was too early for the investment bank to develop a bitcoin strategy.

One wildcard is the upcoming rollout of bitcoin futures, which will begin trading on the CBOE in just a few days.

On the USA -based Bitfinex exchange, was at $12,635.00 by 07:51 AM ET (12:51 GMT) after peaking at $12,819.00, the highest level in its nine-year history.

Bitcoin hit a fresh record of $14,000 Thursday as investors piled in, triggering a warning the cryptocurrency was "like a charging train with no brakes" which would inevitably slip back.

"You've seen these problems before in bitcoin futures, where right before the settlement, the price pegs it high or low and then bounces back right after", he said.

It's also fed concern that bitcoin is on the edge of a bubble.

"Particularly when you're talking about a high-frequency approach to this where people are trying to arb multiple exchanges".

Yet many elements of the financial world have embraced the new crypto asset class: Major exchanges like the CME and CBOE have helped legitimize the currency's investment credentials by saying they plan to introduce futures contracts to their respective exchanges.

Kraken is planning to launch a new trade engine "soon" which should increase the exchange's capacity, Yee said.

Clearing houses act as a middlemen between the parties to futures transactions.

It's time to accept that the cryptocurrency is graduating from the wild west to Wall Street.

Questions like these have kept some futures market operators on the sidelines, for now.

Bitcoin could eventually become just as reliable as gold as a long-term store of wealth, according to an analyst at JPMorgan Chase.