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ansible

(1,718 posts) Sat Nov 4, 2017, 03:42 PM Nov 2017

Bitcoin price hits $7400, jumps $400 in one day and soars to a new record high

Bitcoin skyrocketed past $7,400 on Friday, hitting yet another record high.

The virtual currency had shot past the $7,000 mark for the first time Thursday and finished on $6,895.41 toward the end of the session.

According to CoinDesk, the cryptocurrency reached a renewed all-time high of $7,454.04 at 6:40 a.m. ET Friday, after opening at $7,030. The jump in price saw bitcoin rise 6 percent.

Analysts believe more institutional investors could warm to the digital token after derivatives operator CME Group announced it would introduce bitcoin futures contracts this year.

"This is bitcoin crossing the divide from the wild west of finance to the mainstream," Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told CNBC in an email Thursday.

"Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold. This allows more complex financial products to be created and will eventually open the doors to institutional money."

CME's futures will be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), launched in November last year with Crypto Facilities, a digital cryptocurrency trading platform.

The bullish activity that followed CME's announcement also saw the total value of all cryptocurrencies surge past $200 billion for the first time. The market cap of bitcoin alone is more than $124 billion.

Bitcoin's price has risen 640 percent since the start of the year.

https://www.cnbc.com/2017/11/03/bitcoin-price-hits-yet-another-record-high.html

7 replies

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Bitcoin price hits $7400, jumps $400 in one day and soars to a new record high (Original Post) ansible Nov 2017 OP

As confidence in fiat currencies erodes, Bitcoin soars LittleBlue Nov 2017 #1

LOL. Actually, bitcoin rises in value when a new ransomware variant gets released. PSPS Nov 2017 #3

A bubble ready to burst. roamer65 Nov 2017 #2

Wont quantum computers crack bitcoin encryption? Cicada Nov 2017 #4

You can sell GBTC short fescuerescue Nov 2017 #6

Bubble. fescuerescue Nov 2017 #5

There's an applicable observation commonly used by car salesmen: OilemFirchen Nov 2017 #7

LittleBlue

(10,362 posts)

1. As confidence in fiat currencies erodes, Bitcoin soars

Reply to ansible (Original post)

Sat Nov 4, 2017, 03:45 PM

Nov 2017

Plus Bitcoin could be used to stabilize the third world, where currencies are often abused and hyperinflated by corrupt government officials.

PSPS

(13,645 posts)

3. LOL. Actually, bitcoin rises in value when a new ransomware variant gets released.

Reply to LittleBlue (Reply #1)

Sat Nov 4, 2017, 03:53 PM

Nov 2017

Ever since Wanacry was released, subsequent variants have continued to drive up the price of bitcoin, since it's the only 'currency' accepted by its perpetrators. It's the currency of the criminal world where it's used for drug deals, child pornography, etc.

A few retailers tried accepting bitcoin for a while over the last few years but they've all dropped it due to its nefarious nature.

roamer65

(36,748 posts)

2. A bubble ready to burst.

Reply to ansible (Original post)

Sat Nov 4, 2017, 03:47 PM

Nov 2017

I prefer “barbarous relics” like gold and silver. They will be around as money till the end of humanity itself.

We will see what bitcoin is worth after a Carrington event, like 1859.

Cicada

(4,533 posts)

4. Wont quantum computers crack bitcoin encryption?

Reply to ansible (Original post)

Sat Nov 4, 2017, 04:23 PM

Nov 2017

Is there a way to sell bitcoins short?

fescuerescue

(4,448 posts)

6. You can sell GBTC short

Reply to Cicada (Reply #4)

Sat Nov 4, 2017, 04:36 PM

Nov 2017

Which is a trust that invests in bitcoin.

You can't sell the actual bitcoins short however, as their is no mechanism to borrow bitcoin from other holders as there is in stocks.

fescuerescue

(4,448 posts)

5. Bubble.

Reply to ansible (Original post)

Sat Nov 4, 2017, 04:35 PM

Nov 2017

I've been saying it's a bubble ever since it hit $200 about 4 years ago.

I still think it's a bubble, but I wouldn't be surprised now if it hits $10,000 before it drops back to less than $200

OilemFirchen

(7,143 posts)

7. There's an applicable observation commonly used by car salesmen:

Reply to ansible (Original post)

Sat Nov 4, 2017, 04:59 PM

Nov 2017

"There's an ass for every seat."

Never fails.

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