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Bitcoin Tops $1,000 For the First Time

Posted by ryuzaki0 on from the from-the-top-you-can-only-go-down dept.

An anonymous reader writes with this bit from The Next Web "Bitcoin hit a new milestone today, passing the $1,000 mark for the first time. The virtual currency is currently trading above the four-digit figure, with its highest at $1,030 on Mt. Gox, one of the largest exchanges. Last week, Bitcoin's high for the day was $632. That means its trading value has surged 62.83 percent in a week, assuming we're looking at just its high points. That figure could of course rise even further if Bitcoin continues to push further up throughout the day."

7 of 371 comments (clear)

  1. Sell now. by Frosty+Piss · · Score: 5, Insightful

    The price may go up a little more, but all indications are sell now before the crash.

    --
    If you want news from today, you have to come back tomorrow.
    1. Re:Sell now. by Ralph+Wiggam · · Score: 5, Insightful

      Tons of people said that when the price spiked from $4 to $20.

    2. Re:Sell now. by CanHasDIY · · Score: 5, Insightful

      The price may go up a little more, but all indications are sell now to kickstart the crash.

      FTFY.

      Most market crashes are triggered by large sell-offs; by imploring people to sell, sell, sell, you're doing your part to make the prophecy self-fulfilling.

      --
      An enigma, wrapped in a riddle, shrouded in bacon and cheese
  2. Re:Why do they call it a currency? by MickyTheIdiot · · Score: 5, Insightful

    same ol' shit every thread.

  3. Anyone want tulips? by Anonymous Coward · · Score: 5, Insightful

    .Seems like March 1637 all over again.

  4. Cryptolocker Spike? by texaopian · · Score: 5, Insightful

    Does anyone think that the rise in price might be a result of the new demand for Bitcoins due to Cryptolocker outbreak?

  5. Re:Who wants to prick the bubble? by Pr0xY · · Score: 5, Insightful

    I recently had a discussion about whether or not the spike in BTC is a bubble or not and came to some interesting conclusions.

    From what I can tell, essentially a bubble burst occurs when prices have become so inflated that people are priced out of buying in. This creates a lack of buyers, causing the sellers to dramatically drop their prices. For example, if I buy a house for $100,000, and then sell it for $150,000, then they sell it at $250,000, etc, etc. Eventually the price gets so high that people just won't buy the house. Leaving the last buyer to take the hit and sell at a loss (if he chooses to sell).

    BTC is somewhat different though. It is divisible to 8 decimal places (infinitely divisible in theory, just need to update the clients). So people can never be "priced out" of the market, they can just buy a smaller slice of the pie if they desire. This is unlike a house where I (typically) can't buy just a fraction of it.

    So the only thing I can say for sure, is that we cannot be sure whether or not the rapid rise in BTC value is a bubble which will burst or not.