Bitcoin price punches through $12000 reaching new high

Mae Love
December 7, 2017

As the price of Bitcoin goes up, the regulators are racing to catch up with the impact is going to be in financial market.

The price of Bitcoin has been steadily increasing over the past several weeks, with industry experts saying that the trend is likely to continue in coming days. "There is an unfathomable amount of new participants piling into the cryptocurrency market". However, the low today was at around $11,560, which is basically nothing compared to the total increase day after day. At this writing, the cryptocurrency was trading at $12,116 against the United States dollar, a little more than a week after passing $9,000.

According to Coinbase, the one-year change in bitcoin's value is +1421.64%, which means that the currency was worth around $800 last year.

Bitcoin has surpassed its previous record of Dollars 12,000 to USD 13,033 at 04:20 pm on Wednesday, according to the website coinmarketcap.

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The broader NSE Nifty too slipped by 9.50 points, or 0.09%, to end at 10,118.25, after moving between 10,069.10 and 10,147.95. Punjab National Bank is now trading at Rs171.35, down by Rs4.65 or 2.64% from its previous closing of Rs176 on the BSE.

Alongside the dominant Bitcoin, other cypto-currencies such as Ethereum and Ripple have also been enjoying rallies on the back of this. The issue was discussed in a recent Digital Journal article. "This really is just the beginning", commented Iqbal Gandham, director of a trading platform called eToro, late last month as the bitcoin value leapt past $10,000. This development will open bitcoin to a wider range of investors who will be able to trade bitcoin futures.

This comes after New York Private Schools and a London Developer moved to accept Bitcoin for fees and deposits, as the decentralised currency moves towards mainstream acceptance.

For one, Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at investment bank Morgan Stanley, told CNBC on Tuesday that he was deeply skeptical of investing in bitcoin.

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