Bitcoin surges past $9,000
Bitcoin surged past $9,000 for the first time, less than a week after topping $8,000 and taking its year-to-date rise to more than 850 per cent.
The price of the largest cryptocurrency by market value is soaring as it gains greater mainstream attention despite warnings of an asset bubble. Everyone from Wall Street executives to venture capitalists has been weighing in with their thoughts on the digital currency, with some more sceptical than others. Bitcoin has climbed more than 40 per cent over the past two weeks.
The surge has swept along individual investors. The number of accounts at Coinbase, one of the largest platforms for trading bitcoin and rival ethereum, has almost tripled to 13 million in the past year, according to Bespoke Investment Group LLC.
Bitcoin climbed as high as a record $9,518 on Sunday in New York before paring gains, according to composite pricing available on Bloomberg.
The rapid appreciation has made it difficult for bullish analysts and investors to keep their predictions up-to-date. Hedge fund manager Mike Novogratz, who is starting a $500 million fund to invest in cryptocurrencies, said last week that bitcoin would end the year at $10,000. A day later, Fundstrat head of research Thomas Lee doubled his price target to $11,500 by the middle of 2018.
In a move towards mainstream investing, CME Group has said it plans to start offering futures contracts for bitcoin, which could begin trading in December. JPMorgan Chase & Co, the largest US bank, was weighing last week whether to help clients bet on bitcoin via the proposed futures contracts, according to a person with knowledge of the situation.
Bitcoin’s surge in value is forcing Wall Street banks to balance clients’ interest in speculating on the cryptocurrency with executives’ scepticism about its future. JPMorgan chief executive officer Jamie Dimon has been one of bitcoin’s most prominent detractors, calling it a fraud and deriding buyers as “stupid,” while his finance chief, Marianne Lake, has struck a more measured tone. The firm is “open minded” to the potential uses for digital currencies so long as they are properly regulated, she said last month.
The total market cap of digital currencies now sits north of $290 billion, according to Coinmarketcap.com’s website.
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