Bitcoin Climbs To $12000 For First Time

07 December, 2017, 18:05 | Author: Regina Silva
  • Bitcoin price analysis

Yahoo co-founder Jerry Yang is of the opinion that while cryptocurrencies have the potential to play a significant role in society, Bitcoin is now far from functioning as a transaction currency. Just one year ago one bitcoin was worth $764.

ASX the main exchange operator for equities and derivatives in Australia, on Thursday said it will start using blockchain, the technology that underlies bitcoin, to process equity transactions. Its market cap is now at $219.6 billion.

Bitcoin continued surging for the second day in a row on Thursday to break through yet another psychologically important level easily. Concerns about bitcoin mining's huge energy consumption There are growing concerns, especially among some environmentalists, of the huge energy consumption of bitcoin mining.

The UK's Financial Conduct Authority warned investors in September they could lose all their money if they buy digital currencies issued by firms, known as "initial coin offerings".

The new record high comes just days before the launch of Bitcoin futures on two exchanges, including the world's largest futures exchange, CME.

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However, Bitcoin's rapid climb made many investors unable to shake off the feeling that a sharp drop is imminent. Upcoming trade in bitcoin futures may be boosting priceJust recently three bitcoin future exchanges were approved in the United States and one will begin later this month.

A steady stream of about 3,600 new bitcoins are created a day - with about 16.5 million now in circulation from a maximum limit of 21 million.

Bitcoin's value is also said to have been boosted by the emergence of the Lightning Labs - a solution-provider that can make Bitcoin payments viable. The introduction of futures trading at CME and CBOE is cause for "an impending stampede" of institutional investors, eager to profit off the cryptocurrency's volatility.

This has also sparked controversy from the establishment in fact even the US Senate is considering drafting a bill to outlaw the concealment of ownership of digital currency accounts, which could threaten Bitcoin.

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