Bitcoin on fire! Breaks above $12000 for the first time

Bitcoin on fire! Breaks above $12000 for the first time

The Financial Services Commission of Korea issued the directive that bans securities firms from intermediating bitcoin futures transactions, according to securities industry sources on December 6.

(Dow Jones) The price of bitcoin surged above $12,000 early Wednesday morning, the latest milestone in the cryptocurrency's massive rise. At the beginning of 2017, bitcoin was at $1,000. Bitcoin now has a total market value of almost United States dollars 203 billion.

Stephen Roach, Senior Fellow at Yale University, the former Asia Chairman, and Chief Economist at investment bank Morgan Stanley, told CNBC that he was so dubious about investing in bitcoin. In recent weeks many traders have also warned that bitcoin is in a bubble that is doomed to burst at any moment, though the strong rally lends significant questions to these claims. "This is a risky speculative bubble by any shadow or stretch of the imagination".

The Chicago Mercantile Exchange (CME), the world's largest exchange for futures and options on futures, will begin trading the bitcoin futures from the 18th.

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The cryptocurrency breaks past $12,000 for the first time amid speculation that the widespread use of futures will help lead to digital currencies being viewed as a legitimate asset class for mainstream investors.

As of this writing, Bitcoin is now trading at $13,128, a gain of over 13% in less than 24 hours. It would reach $40,000 by the end of 2018.

It's worth noting that, just one year ago, a bitcoin was worth $764.

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