Bitcoin's price is above $12,000 and still rising
Bitcoin's price has increased once again. It has actually, for the first time, managed to surpass the $12,000 price range.
This is a new record high for the cryptocurrency. An interesting thing about this evolution is that the price of bitcoin has increased even though the cryptocurrency has been under the spotlight with concerns risen by different banks on the real value of the bitcoin.
New all-time high record - Bitcoin Breaks above $12,000 and rising (Up 1,100% This Year)
The growth of bitcoin saw a positive trend after at the end of last week US regulators stated that they will allow both CME Group and CBOE Global Markets to release bitcoin futures contracts. This was a new step for the future of bitcoin, as bitcoin futures are expected to make it simpler to trade.
Bitcoin's value at the beginning of 2017 was around $1,000
Bitcoin has definitely seen a high growth from the beginning of the year, when the cryptocurrency was valued at around $1,000. However, this growth has also put bitcoin at the center of attention by governments and central banks. And its volatility has definitely not helped leading financial institutions to give more credit to bitcoin.
In fact, some central banks have warned about the risks of bitcoin and cryptocurrencies in general. Some called for regulation, while others said that bitcoin should actually be banned. In this last category seems to also be Joseph Stiglitz, a Nobel laurate, who previously said that the cryptocurrency should be outlawed.
Another recent critic of the cryptocurrency was Stephen Roach, the former Asia Chairman and Chief Economist of Morgan Stanley, who said in an interview with CNBC that investing in bitcoin is still not a good idea:
“This is a toxic concept for investors. This is a dangerous speculative bubble by any shadow or stretch of the imagination.
I’ve never seen a chart of a security where the price really has a vertical pattern to it. And bitcoin is the most vertical of any pattern I’ve ever seen in my career.”
The total value of the bitcoin market is considered to be at about $213 billion.
