Bitcoin Tops Record $19K, Falls Back Down

Mae Love
December 8, 2017

The digital currency was trading at $14,382.33 as of 1:52 p.m. HK/SIN, as reported by Coinbase.

The price of bitcoin fell back during Asia's day Friday, dropping to $15,431.39 as of midnight EST (0500 GMT), according to large bitcoin exchange Coinbase.

In contrast to bitcoin's dramatic gains, global stock markets have been cooling down considerably into the end of the year after rallying notably in recent weeks.

There is mounting concerns about its introduction into the mainstream financial system after US regulator the Commodity Futures Trading Commission last week cleared the way for Bitcoin futures to trade on major exchanges, a decision which analysts say has helped to spur the recent rally. "But to think prices are at mania levels where this could suffer a serious crash here... is a bit ridiculous". We've heard the fraud claims.

Even by bitcoin standards, Thursday was a wild ride.

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Exchange operator Cboe Holdings will launch its bitcoin futures contract this weekend, while CME Group says its futures will launch on December 18.

Bitcoin's price surged today amid mayhem on the larger exchanges where the digital asset is traded. "We're glad to have expanded to the United States at this time with so much interest due to the impending Bitcoin futures launches", bitFlyer COO Bartek Ringwelski, said in an email.

However, while companies like Overstock, Microsoft, and Starbucks offer customers the option to pay for products and services in Bitcoin, the cryptocurrency is increasingly being treated more as a store of value and less as a transaction currency.

However, many remain critical of bitcoin. Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are "going to be the biggest bubble of our lifetimes".

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