Those who decided to invest in Bitcoin right before Thanksgiving were welcome to a great surprise as the currency managed to hit all-time highs over the course of a week. The coin managed to hit as high as $11,300 which represents an over $3,100 rise in one week alone.
This is an incredibly large rise for the currency, which had only broken the psychological barrier of $10,000 only a few hours prior to this. Despite the incredible price action, there are still many issues in the way before bitcoin can become mainstreamed enough to be accepted by the public.
Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747
Several governments have been noted stating that they have interests in regulating the cryptocurrency space within their borders. Several of those countries represent the largest markets within the world, so it is quite a big deal that they have an interest in digital currency. The most recent news out of the cryptocurrency world is the fact that CME or Chicago Mercantile Exchange has stated that they will begin offering options to short the currency by the second week of December.
This will give the currency a higher amount of liquidity and will ultimately mean that more investors get into the space overall, representing a higher amount of legitimacy for the currency that is much needed in the space. Daniele Bianchi, an assistant professor in the Finance Group at the Warwick Business School stated that “Demand pressure is essentially driven by two things.
Firstly, the increasing awareness by both the public and investors that cryptocurrencies are here to stay, and secondly, the increasing professionalization of cryptocurrency trading,” This incredible rise by bitcoin is something that is not foreign to the market, and continually happens but not usually on this large of a scale. The hopes are high that the currency can continue this rise as the year ends.