Bitcoin Smashes Past $7,000 For the First Time (cnbc.com)

A reader shares a report: Bitcoin hit another all-time high Thursday morning, surpassing $7,000 for the first time. The cryptocurrency has had a bullish streak throughout the week following the CME's announcement that it will introduce bitcoin futures contracts. According to data from CoinDesk, the virtual currency reached an all-time high of $7,242.69 at about 7:08 a.m. ET. The jump in price saw the virtual coin rise by more than 7 percent on the day. A surge in the digital coin's value saw the total market value of all cryptocurrencies top $189 billion for the first time Thursday. The market cap of bitcoin alone is currently more than $121 billion, according to data from industry website Coinmarketcap.

Comments

Cue in Bitcoin deniers

[Anonymous Coward]

They're convinced there's $121 billion worth of illegal transactions happening with Bitcoin because that's all it's good for even though every single transaction is right there in the blockchain.

Completely volatile

[aepervius]

If you look at the history of price in BTC/USD, the bitcoins are (relatively...) stable until end 2016/start 2017, then it went completely volatile with rising in spike, and having dropds which were higher than the full price it was end of 2016 (e.g. drop higher than 1000$). Yet the number of Tx per month did not rise in parallel to values. So what you have here is an extremly volatile speculative commodity and that's it. Anybody would be insane to use it as a currency.

Re:Soo... when is the correction coming?

[neonv]

I agree. The price seems to be going up because people are speculating that it will continue to go up and more, causing the price to further rise. Few people are buying it as a tool for exchanging goods and services. As a result, there's not much backing the current value other than rarity, which probably isn't enough. It will drop drastically in value eventually once the speculating stops.