Bitcoin Hits Record Highs and Looks Set To Pass $10,000 Mark. It is hard to believe if you said it just twelve months ago, but the massive surge in the price of bitcoin has failed to stop and it looks set to now go pass the $10,000 milestone in the not too distant future. This comes after it has once again hit record highs over the past few days, with the price increasing by one-fifth just in the last three days. There looks to be no end in sight to these massive price surges.
If you take a look at the prices of the start of the year, you will see that it has multiplied by tenfold to date, with it doubling since the start of the month of October. Its price on Monday morning was in and around $9,687 for a single bitcoin.
One of the reasons why bitcoin has seen its value soar so much in recent months may be attributed to the announcement by the folks at CME group – the largest derivatives exchange operator in the world will be starting to offer bitcoin futures by the end of 2017.
This will open up a huge amount of opportunities for big money investors to get involved in the longing and shorting of bitcoin, without having to go through any trouble in acquiring the actual digital currency itself.
The anticipation for this market opening up means that even more money is going to be pumped into bitcoin and obviously a lot of people are bullish about this prospect.
There is no doubt that the prospect of institutional money getting involved with bitcoin will spell even more rises and supercharges to the price.
While there are many still skeptical on Wall Street as to whether or not bitcoin is a bubble, they still have to get on board and please their investors. A lot of the general public are looking to have their money invested in digital currencies such as bitcoin, as they are hearing about the massive price increases and people making significant sums as a result of their investments in digital currencies.
Their institutions have no choice but to follow their wishes and execute these trades. There is a belief in some circles that the start of the bitcoin futures will lead to a setback in the market.
Currently, you can short bitcoin but it is time-consuming and a difficult process to do properly. However, when these contracts are made available, investors can just as easily short bitcoin as they can long it, which could see a lot of traders taking on the market, adding even further volatility to the mix and churning up some choppy waters for those invested.
Whatever the case may be, it is going to be fascinating to keep an eye on. There is not a day that goes by where there are not countless pieces of exciting news related to bitcoin and digital currencies coming out, whether it is about record highs, ICOs or certain investors getting involved in the markets.
It looks like a matter of when not if the price of bitcoin will reach and bypass $10,000.
Oh my…..Way to go !!!