Sunday, December 22

Bitcoin Soon To Embark $10,000 Cryptocurrency Craze Increases

Even after several hacks and critics, Bitcoin is showing no signs of slowing down! The hack on cryptocurrency peer Tether of $31 million, the latest of the hacks seemed to fade quite quickly, not stopped Bitcoin from blowing past $9,000 in less than a week.

Starting around $8,021 Bitcoin rose to $9,605 in a week. It is no wonder that will soon be touching a 5-digit mark pretty soon. The price are shooting and take no toll despite the warning from top economists from Wall Street what they consider as not an asset.

Bitcoin has rose to around 40 percent over a period of just two weeks.

“Bitcoin has seen another frenzy of buying as the fear of missing out trade bites even harder. There are others who see downside risks from the introduction of bitcoin futures,” says analysts at IG Group.

The popularity of largest cryptocurrency by market value can be estimated by the fact that number of accounts at Coinbase, one of the largest platforms for trading bitcoin has almost tripled to 13 million in the past year, as per Bloomberg’s reports.

The unprecedented behavior of Bitcoin has made it difficult for investors and analysts to predict the future developments. 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.

JPMorgan Chase & Co. 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.

 

(With inputs from Bloomberg)