Bitcoin reaches a new record: $19.000

Bitcoin has once again reached a new record. This Thursday, Bitcoin managed to rocket to $19.000. According to the Coinbase exchange, Bitcoin hit a high of $19.340. But, a couple of hours later, the digital currency has fallen down 20% at a level of $15.198.

To be added that the price on Coinbase is sometimes at a premium level compared with other exchanges. Mark Newton, managing member at Newton Advisors, has declared:

“It goes without saying that prices have reached a level where sentiment is exhibiting short-term euphoria. But to think prices are at mania levels where this could suffer a serious crash here… is a bit ridiculous. I truly don’t think people are involved on a mass scale yet. We’ve heard the fraud claims. Now we need people profiting immensely all around us and making forecasts for $1 million, etc., for it to truly have reached a euphoric peak.”

Interest in bitcoin increased in 2018 and largest futures exchanges launch bitcoin futures products

At this moment, Bitcoin has a market value of approximately $270 billion. This comes after it started its year bellow $1.000. Since then, its gains have accelerated rapidly. It seems that the investor interest grew faster after this year started. To be added that CME, the world’s largest futures exchange, is planning to launch its futures product next week, while the Cboe Global Markets wants to launch its bitcoin futures on Sunday.

Bartek Ringwelski, the bitFlyer COO, has declared in a statement:

“While we launched [in the U.S.] just a week ago, bitFlyer has already seen strong interest from institutions looking to gain exposure to bitcoin. We’re glad to have expanded to the US at this time with so much interest due to the impending Bitcoin futures launches.”

Even though Bitcoin is very popular this year, there are some people that still consider the cryptocurrency to be dangerous and very unstable. For example, JPMorgan Chase Jamie Dimon considered that Bitcoin is a “fraud.” Moreover, Michael Novogratz, a digital currency investor and former Fortress hedge fund manager, declared that bitcoin is “going to be the biggest bubble of our lifetimes.”