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

Soo... when is the correction coming?

[leonbev]

Anyone who's ever studied basic Economics knows that Bitcoin is in a price bubble right now. They real question is... when is that bubble going to pop?

I sure as hell wouldn't want to be the one buying Bitcoin today, though.

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.

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:Satoshi Nakamoto owns about a million BTC

[JcMorin]

Those coins haven't moved since their own creation. Satoshi may have them, may have lost them, may have destroyed them or may even be dead. Who knows. For the best of Bitcoin, those coins should not resurface... or at least not all at once!