Bitcoin surges above $12,000 to record high on relentless demand

TOKYO (Reuters) - Bitcoin extended its eye-popping rally on Wednesday, breaking above $12,000 to a record high despite questions about the cryptocurrency's real value and worries about a dangerous bubble.
 
Bitcoin received a boost after Friday's announcement by the main U.S. derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts.
 
The move opens the door to added regulation but also more mainstream adoption, as bitcoin futures and other derivatives would make it easier to trade the new asset class.
 
Bitcoin's meteoric ascent of over 10-fold from below $1,000 at the start of the year has drawn regulatory scrutiny around the world.
 
Some high profile individuals such as Nobel Prize-winning economist Joseph Stiglitz have said the cryptocurrency should be outlawed.
 
"It took a long time to establish the methodology and the way bitcoin was traded. The original appeal came from the fact they were unregulated. However it's clearly moved out of those shadows and into centre stage," said Mick McCarthy, CMC Markets' chief market strategist in Sydney.
 
"We are in the throes of a bubble market, and one of the characteristics of a bubble market is that there is no way to know when the bubble will burst."
 
The current craze for bitcoin, and cryptocurrencies in general, have been likened by some to the 17th century Dutch tulip mania and more recently the dotcom bubble.
 
Bitcoin was last up 4.48 percent at $12,200.40 on the Luxembourg-based Bitstamp exchange after surging to the record peak of $12,276.00.
 
"There is a lot of money flowing into bitcoin right now, mostly motivated by "fear of missing out" and greed," said Leonhard Weese, president of the Bitcoin Association of Hong Kong.
 
Shoot

Trending News

Why Amazon’s Flipkart bid is just not high enough

Selling without MRP, expiry dates to cost etailers

TCS hits $100Bn market cap: A new phase for India Inc?

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Flipkart-Walmart deal: What it means for the etailer and the whole industry

NCLAT stays CCI penalty of Rs 136cr on Google in search bias case

Walmart may rope in Google parent Alphabet for the Flipkart deal

Internet shutdown cost Indian economy $3 billion from 2012-17: Study

Flipkart and Amazon plan mega summer sales in May

International sales now account for 48% of Twitter's revenues

70% of mobile phones buyers in India opt for non-cash payments

Amazon India expects groceries & household products to account for 50% of business in 5 yrs

India to come out with a E-commerce policy framework in 6 months

Online learning platform Career Anna raises Rs 3 Cr funding

Wal-Mart will offer to buy up to 86% of Flipkart

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities