Economy

Bitcoin breaks $12000 barrier for first time

Bitcoin breaks $12000 barrier for first time

Close to the launch of bitcoin futures by CME Group and other exciting news, the "people's currency" is going through the roof.

The digital currency has shot above the $15,000 mark for the first time - the fourth big barrier it's broken in less than two days.

After starting the year below a thousand dollars, it hit $8,000 for the first time in November and topped 11,000 last week. Michael Novogratz, Former Fortress Hedge Fund Manager, estimated that that bitcoin's price would rise at least four time in the coming 13 months. Despite a flurry of warnings from top economists and business leaders, its upward trajectory has continued - albeit with a few sharp dips along the way.

Bitcoin, which is up nearly 1300% this year, was more than halfway toward eclipsing $13000 by late morning, a 7.7% increase on the day, according to the research website CoinDesk. "I don't have the answers, I wish I knew" how the investments will evolve, he said. Investors can bet that bitcoin is overvalued and turn a handsome profit. Bitcoin is the largest cryptocurrency by market capitalization. After breaking above $11,000 last week, it abruptly plunged by more than $2,000 before resuming its climb.

International Monetary Fund says China's banks need more capital after credit boom
China will draw on the recommendations, continue to deepen financial sector reform, take concrete steps to contain risks and strengthen cooperation with worldwide organizations, it said.

Britain and other European Union governments have announced plans to control cryptocurrencies, including bitcoin, due to concerns over their potential use for money laundering and financing terrorism.

For years, bitcoin has been the primary method of paying for illicit goods on the so-called dark web. CoinDesk, the industry website reported that the digital currency reached $12,198.57.

As of Wednesday morning, Bitcoin is now priced around $12,900 on Coinbase.com, a cryptocurrency trading platform.


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