Date
13 December 2017
Bitcoin prices have spurted dramatically in recent weeks, prompting some observers to warn of a huge speculative bubble. Photo: Reuters
Bitcoin prices have spurted dramatically in recent weeks, prompting some observers to warn of a huge speculative bubble. Photo: Reuters

Bitcoin shoots past US$10,000 in some exchanges

Bitcoin crossed US$10,000 on Tuesday to hit a new record in some smaller exchanges and digital currency indexes, but remained just below that mark in major trading platforms, Reuters reports.

On CEX.IO, which started out as a cloud mining provider, bitcoin hit US$10,234. On the crypto-currency index coinmarketcap.com, it touched US$10,050.

But the virtual currency didn’t cross the US$10,000 milestone on Luxembourg-based platform BitStamp and US-based GDAX.

The unit hit a high of US$9,968 BTC=BTSP on BitStamp on Tuesday. 

Bitcoin has gained more than 900 percent so far this year, on increased institutional demand for crypto-currencies as financial and mainstream use has expanded.

“With bitcoin nearing US$10,000, long-time bitcoiners finally feel vindicated that their currency that has been ridiculed for years, is at last being taken seriously,” Sol Lederer, blockchain director at San Francisco-based technology company LOOMIA, told Reuters.

“Bitcoin’s future is still uncertain; it faces the same serious technical challenges it has for years and faces stiff competition from newer, more sophisticated blockchains. But even if it were to crash, it’s apparent that bitcoin is here to stay.”

In South Korean exchanges, bitcoin is already at close to US$11,000 or higher. It traded at nearly US$11,000 on Tuesday on bithumb after hitting the US$10,000 milestone on Monday. At Coinone, bitcoin traded at more than US$11,700, and at US$11,734 on Korbit.

Bitcoin has been boosted as exchanges such as the CME Group and the Chicago Board Options Exchange announced plans to launch futures contracts for the currency.

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RC

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