Sydney — Bitcoin topped $8,000 for the first time, as investors set aside technology concerns that had derailed its advance earlier in November.
Bitcoin rose 4% to $8,015.67 as at 7.47am in London on Monday, paring a rally of as much as 5.2% during Asian hours. It is now up more than 700% in 2017 after shrugging off a tumble earlier in November. It has been a tumultuous year for the largest cryptocurrency, with three separate slumps of more than 25% all giving way to subsequent rallies.
Even as many sceptics call the asset a bubble waiting to pop, it’s becoming too big for many on Wall Street to ignore. The digital currency is gaining the acceptance of professional investors, with CME Group, the world’s biggest exchange, poised to start offering futures trading on bitcoin in December.
Recent volatility has also stemmed from a pick-up in people switching to alternative virtual currencies, notably bitcoin cash. That is gaining popularity due to a lower transaction cost and faster speed. New cryptocurrency iterations are springing up as disagreements over bitcoin’s design persist and opportunities for making a quick buck prove hard to pass up.
Bloomberg
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