Bitcoin Gains 2K in 12 Hours Soaring Above $15,000


On Thursday, Bitcoin gained over $2,000 in less than 12 hours pushing the cryptocurrency above $15,000 for the first time, ever. Bitcoin, the world’s largest and well-known cryptocurrency, has gained more than fifteenfold in its value since the beginning of this year.

The cryptocurrency reached highs of $15,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT, up over 12 percent on the day, after previously trading around $13,000 only 12 hours earlier. Numerous market-watchers believe that this weekend’s launch of bitcoin futures by CBOE, one of the world’s largest derivatives exchanges, was responsible for driving up the price with the expectation of increasing its appeal to investors.

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“Futures trading will mean more demand…and is a form of ratification of the underlying tech – bitcoin and cryptocurrencies in general. They are now on the main stage,” said Charles Hayter, founder of cryptocurrency data analysis firm.

Yet, others have shown concerns regarding bitcoin futures, giving investors the ability to take “short” and “long” positions resulting in increased volatility.

“Aggressive traders, such as hedge funds and algorithm-driven funds, (will be able) to use this futures market to enter bitcoin trading with high levels of liquidity for aggressive short-selling and knock the prices really low,” said analyst Naeem Aslam, adding, “Players now have an incentive to be on the short side and make profits hedging against the upside”.

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Bitcoin’s “market cap”, its price multiplied by the total number of bitcoins in circulation, has reached over $260 billion, according to data. The value of all cryptocurrencies now stands at around $415 billion.

Since October, Bitcoin has more than tripled in price leading it towards its best quarter since 2013, when for the first time it hit above $1,000. The cryptocurrency plunged in 2014 after Mt Gox, the world’s biggest bitcoin exchange at the time, collapsed.


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