Global Stock Markets
Cryptocurrency’s value is up more than 700 percent this year. Three slumps of more than 25% have all given way to rallies
Bitcoin’s relentless and volatile rally shows no sign of abating, with the world’s largest cryptocurrency defying growing bubble fears to hit yet another milestone.
Bitcoin rose 4.5 percent to $8,045.45 as of 11:34 a.m. in London
after climbing as much as 5.2 percent during Asian hours. It’s been a
tumultuous year for the virtual currency, with three separate slumps of
more than 25 percent all giving way to subsequent rallies.
Even as many skeptics call the asset a bubble waiting to pop, it’s becoming too big for many on Wall Street to ignore. CME Group Inc., the world’s biggest exchange, will start offering futures trading on bitcoin next month, while senior executives at Goldman Sachs Group Inc. and Citigroup Inc. have said they are researching cryptocurrencies and the blockchain technology that underlies them.
Recent volatility has stemmed from a pickup in people switching to alternative virtual currencies, notably bitcoin cash.
That’s gaining popularity due to lower transaction costs 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.
Bitcoin cash advanced 2 percent on Monday to trade at $1,194.88, down from a high of $1, 388 on Nov. 12, Coinmarketcap.com prices show. Bitcoin has advanced more than 700 percent this year and now boasts a market value of more than $130 billion.
Even as many skeptics call the asset a bubble waiting to pop, it’s becoming too big for many on Wall Street to ignore. CME Group Inc., the world’s biggest exchange, will start offering futures trading on bitcoin next month, while senior executives at Goldman Sachs Group Inc. and Citigroup Inc. have said they are researching cryptocurrencies and the blockchain technology that underlies them.
Recent volatility has stemmed from a pickup in people switching to alternative virtual currencies, notably bitcoin cash.
That’s gaining popularity due to lower transaction costs 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.
Bitcoin cash advanced 2 percent on Monday to trade at $1,194.88, down from a high of $1, 388 on Nov. 12, Coinmarketcap.com prices show. Bitcoin has advanced more than 700 percent this year and now boasts a market value of more than $130 billion.
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