Markets

Bitcoin smashes through $12000 to reach a new record high

Bitcoin smashes through $12000 to reach a new record high

In a week's time, the exchange rate for the cryptocurrency has grown over 20 percent. On Tuesday, bitcoin's price rose to over $12,000, at $12,032, pushing its market cap to an impressive $201.1 billion, according to CoinMarketCap.

Thus, futures trading on bitcoin the CBOE will begin earlier than its largest rival, CME Group Inc., which plans to launch futures trading for bitcoin on 18 December.

The controversial cryptocurrency, which has been used to buy everything from a pizza to manicures, touched a new high of US$12,590 in Asian trade before dipping back to US$12,567, according to Bloomberg News.

"We are pleased to bring Bitcoin futures to market after working closely with the CFTC and market participants to design a regulated offering that will provide investors with transparency, price discovery, and risk transfer capabilities", said Terry Duffy, CME Group (NASDAQ:) Chairman and Chief Executive Officer on Friday.




No doubt these comments will be considered surprising given the Wall Street bank's CEO, Jamie Dimon's, negative position toward bitcoin.

As expected, the bitcoin prices have just broken through the $12,000 region as of this writing and continue to move higher through towards the $12,200. The fact that the blockchain is a secure distributed ledger for the digital currency also adds to its potential. Bitcoin now has a total market value of almost United States dollars 203 billion.

"Judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here".


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