Economy

Bitcoin's Price Just Jumped $1000 in 24 Hours

Bitcoin's Price Just Jumped $1000 in 24 Hours

Bitcoin jumped as much as 18.4% to $15 797 on Thursday, before paring gains to to $14 818 at 12:20pm in London.

As more and more financial giants hop on the Bitcoin bandwagon, the value of the digital currency is expected to continue its current ascendant trajectory.

Bitcoin was eyeing $13,000 a coin Wednesday morning, less than 12 hours after soaring over $12,000 for the first time. Others - mostly those working for said banks - claim that it will crash and burn.

The virtual currency has drawn the attention of scores of investors after gaining over 1400 percent year-to-date and hitting its all-time high of over dollars 15,000.

In early August 2017, cryptocurrency was divided into classic bitcoin and Bitcoin Cash, due to disputes about updates, which were supposed to increase the speed of transaction processing.

Earlier this week (4 December), it emerged that United Kingdom users may soon face heightened government regulation amid fears the cryptocurrency was used to fund criminals and terrorists.

More news: Goldman Sachs Group Begins Coverage on Marsh & McLennan Companies (MMC)

This is a sentiment shared by JP Morgan (NYSE:JPM) boss, Jamie Dinon, who back in September dismissed the phenomenon as "fraud", and only fit for use by drug dealers, murderers and "people living in places such as North Korea".

Could it be a bubble?

CBOE, TD Ameritrade, and Ally Invest will also be rolling out Bitcoin futures trading this month and NASDAQ will follow suit sometime in the first half of 2018. How long it can ride the wave of good fortune, remains another matter altogether. Larry Fink, CEO of BlackRock opined that bitcoin is an "index of money laundering".

"This is a toxic concept for investors", Roach told CNBC.

He said: "This is a unsafe speculative bubble by any shadow or stretch of the imagination".

Over the a year ago, the currency's popularity has been buoyed by a larger phenomenon of initial coin offerings-sales of cryptocurrencies that compete with bitcoins. I've never seen a chart of a security where the price really has a vertical pattern to it.

Blockchain is the most popular Bitcoin wallet, with 15 million users. "Like all bubbles, they burst".


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