Bitcoin rose above the symbolic $10,000 threshold for the first time on Wednesday, bringing its rise for the year to date to more than 900 per cent. The price of the cryptocurrency edged above $10,000 on Coinbase, the largest dollar denominated bitcoin exchange, which gave the latest price as $10,052 on Wednesday morning in Asia. Bloomberg data gave the intraday high as $10,058 before easing to $9,999.



Bitcoin was trading at around $1,000 dollars at the beginning of 2017. It hit $9,000 on Sunday. Bitcoin’s soaring price on Monday left some traditional marketplaces “uncomfortable” with the volume and volatility of trading in the cryptocurrency after it jumped above $9,000.


Bitcoin’s 2017 price surge has been more than ten-fold, including a more than 50% jump since October. These startling numbers have raised fresh warning signs about the sustainability of the rally.

Bitcoin mania has shifted into higher gear as of late, with prices gaining more than 21% since Friday alone. According to analysts at WSJ, market participants are enjoying bitcoin’s volatility in a low-interest rate environment.

bitcoin price crosses 10000

bitcoin price crosses 10000

The world’s biggest digital currency system operates on its own accord free from central bank meddling or even correlation. These factors have made BTC a top pick for yield-seeking investors. But even the most optimistic of traders could not have imagined a 900% spike in the span of 11 months.

The latest upswing in prices comes as investors await the start of institutional trading of bitcoin and other digital payment systems. Mega institutions CME Group, CBOE and even Goldman Sachs are planning or have expressed interest in rolling out bitcoin trading.


Despite the latest surge, bitcoin has its fair share of critics and detractors. South Korean Prime Minister Lee Nak-yon is neither of those, but he too has chimed in on the dangers of cryptocurrency investing.

Bitcoin’s surging price points have “led to cases where young people and students get involved with cryptocurrencies to earn money,” he said on Tuesday. “If we let things continue, I feel that it will lead to some serious distorted or pathological phenomenon.”


At present, South Korea is one of the most laissez faire jurisdictions for trading and holding cryptocurrency. The same cannot be said for neighboring China, which has outlawed cryptocurrency trading all together.

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Source: http://www.9jatechguru.com.ng/2017/11/bitcoin-prices-crosses-10000-milestone.html

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