Bitcoin Price Surges
And the BTC rally continues, hitting in excess of $15,000 in early European trade, with barely a down trade in sight. The latest price surge started overnight in Asia with Bitcoin transactions denominated in Korean Won hitting an average price of $18,000+ as the Bitcoin market in total traded in excess of $13 billion in 24-hours. The latest surge sees Bitcoin’s value exceed that of financial giant Visa, who recently announced that it had rolled out its pilot phase of its blockchain based business-to-business payments system B2B Connect.
Bitcoin has now risen in excess of 170% since the November 12 low of $5,547 and is up from around $900 at the start of 2017. These rapid gains are unlikely to be sustainable in the coming days, especially with the Chicago Board of Exchange (CBOE) BTC futures contract launching on December 10. While a liquid futures market will add respectability to the cryptocurrency space, aggressive investors will be able to use the futures to short the market, driving the price lower. With a lot of new Bitcoin investors in at recent highs, a sharp sell-off could become self-fulfilling and knock 30% or more of the current price.
We discussed BTC’s price at this week’s Bitcoin webinar and the majority view of participants had BTC hitting $15,000 by December 24 with the outliers at $10,000 and $20,000.
Bitcoin Price Surges Conclusion
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