Bitcoin Once Again Sees An Amazing Rise And Nears $10,000 Mark
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Thanksgiving weekend saw a massive rise in Bitcoin, which broke yet another record by surpassing $9,000 and hitting $9,732 today after going over $9,400 on Sunday according to CoinDesk.
"The move appears to be retail driven," said Brian Kelly, a CNBC contributor, and CEO of BKCM, which runs a digital assets strategy.
"The move appears to be retail driven"
The holiday seems to have influenced the boost since the the largest bitcoin exchange in the United States called CoinBase added 100,000 accounts between Wednesday and Friday to a total of 13.1 million. “That's according to public data available on Coinbase's website and historical records compiled by Alistair Milne, co-founder and chief investment officer of Altana Digital Currency Fund,” writes CNBC.
So far the digital currency has risen by 870 percent this year alone, with many naysayers calling the event a bubble on its way to bursting.
“Bitcoin's amazing gains have helped drive the combined market value for all cryptocurrencies to yet another at new high of $285 billion. Bitcoin's market capitalization is now almost $151 billion,” says CoinDesk.
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Another rise for the holiday Bitcoin rise could be prompted by the recent decision by CME (Chicago Mercantile Exchange) to launch bitcoin futures in December, fuelling buying by investors, the currency has gained more than 50% since the CME decision was announced on Halloween of this year.
Neil Wilson, senior market analyst at ETX Capital, said to The Guardian: “The legitimacy this gives bitcoin as a tradeable asset is very important. The market cap of bitcoin now exceeds that of IBM, Disney [or] McDonald’s.”
However, JPMorgan Chase CEO still can’t comprehend a decentralized system and “he won’t talk about bitcoin anymore.”
"The only value of bitcoin is what the other guy'll pay for it," Dimon said. "Honestly I think there's a good chance of the buyers out there are out there jazzing it up every day so that maybe you'll buy it too, and take them out,” said Dimon in response to a moderator question at an Institute of International Finance conference in October.
Others in the industry have other thoughts about the cryptocurrency causing a stir, Abu Dhabi’s sovereign fund chief Khaldoon Al Mubarak thinks the financial sector should be more open to the concept.
"I think blockchain, its growth, from the single digits, early double-digits, to astronomical growth, will really depend on how fast you can execute and where you're going to be able to execute under a regulatory environment that is acceptable," he said to CNBC.
"If they're able to crack that, I think it's going to be an incredible story. But, to date, I would say I'm still on the fence.”
Bitcoin at $10,000
Bitcoin is inching closer and closer to the predicted $10,000 mark by Christmas. In fact, analysts at Fundstrat raised their price target for bitcoin to $11,500 saying in a Nov. 22 note that "we no longer feel caution is warranted" as it recommended steady buying of bitcoin at current levels according to The Street.
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