Did Bitcoin Just Burst? How It Compares to History’s Big Bubbles

Bitcoin’s recent wobbles have given fresh urgency to a question that’s gripped market observers for much of the past year: Will the cryptocurrency go down as one of history’s most infamous bubbles, alongside tulipmania and the dot-com craze?

The magnitude of Bitcoin’s boom (before it lost as much as 50 percent from its Dec. 18 high) suggests investors have reason to be worried.

As the chart shows, the cryptocurrency’s nearly 60-fold increase during the past three years was truly extraordinary.

It dwarfed the Nasdaq Composite Index’s gain during the headiest days of the 1990s. Going further back, it comfortably outstripped the Mississippi and South Sea bubbles of the 1700s. It even topped the Dutch tulipmania of the 1630s, though that last comparison should be taken with a grain of salt given the scarcity of recorded tulip values. (The chart includes prices for just one varietal; consistent post-peak figures were unavailable.)

Bulls say that Bitcoin’s boom is far from over, and that there’s more to analyzing a market than just measuring price gains. While the recent tumble has alarmed some investors, the cryptocurrency has bounced back from several previous swoons exceeding 50 percent. If Bitcoin did become a widely-accepted form of digital gold, as predicted by Cameron Winklevoss of Facebook fame, it could have a lot further to surge.

Read more: Crypto Hedge Funds Soar More Than 1,000% Amid Bubble Debate

There’s also more than one way to slice a rally. On an annualized basis, Bitcoin’s three-year rise has been slower than the gains seen during several of history’s biggest manias — most notably the Mississippi and South Sea bubbles.

Still, skeptics abound. Howard Wang of New York-based Convoy Investments LLC and Jeremy Grantham of GMO LLC have analyzed Bitcoin’s advance relative to past frenzies and concluded that it’s unsustainable. Grantham, who helps oversee about $74 billion as GMO’s chief investment strategist, summed up his concerns in a Jan. 3 letter to investors:

“Having no clear fundamental value and largely unregulated markets, coupled with a storyline conducive to delusions of grandeur, makes this more than anything we can find in the history books the very essence of a bubble,” he wrote.

The strategist has a mixed record of success with such warnings. While Grantham was correct to call the 1990s surge in tech stocks a bubble, he exited too soon and missed out of some of the market’s biggest gains.

Only time will tell whether Grantham and other bears are right, wrong, or just too early when it comes to Bitcoin.

For more on cryptocurrencies, check out the podcast:

For a menu of cryptocurrencies on Bloomberg: VCCY
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    Read more: http://www.bloomberg.com/news/articles/2018-01-17/did-bitcoin-just-burst-how-it-compares-to-history-s-big-bubbles

    It appears North Korea just robbed a Bitcoin exchange

    A South Korean Bitcoin exchange was hacked earlier this week and all blame is being directed toward its unpredictable neighbor up north.

    Investigators, led by South Korean law enforcement and a state cybersecurity agency, are currently looking into North Korea’s involvement in a cybersecurity heist that saw it make off with 17 percent of Youbit’s assets, according to a Wall Street Journal report. The investigation is currently in its early stages, but authorities are convinced it was Kim Jong-un and his cohorts who used malware to rob the exchange.

    That seems like a reasonable conclusion given historical context. Hackers from North Korean infiltrated the same exchange in April and several other cybersecurity attacks have been conducted against other South Korean exchanges.

    Youbit posted a message on its website explaining it was forced to file for bankruptcy. It informed customers they would receive their holdings at 75 percent value.

    North Korean hackers have started to conduct attacks for financial gains to overcome crippling worldwide sanctions. A September report from security researchers at FireEye found at least six major attacks conducted by North Korea that targeted cryptocurrency in South Korea. The money it gains from these attacks could be going toward advances in its nuclear-weapons program. North Korea’s focus on Bitcoin comes after the cryptocurrency’s value skyrocketed to nearly $20,000 a coin from just $1,000 at the start of the year.

    For those who aren’t familiar, Bitcoin is a decentralized form of digital money that isn’t regulated by any banks or government. It uses cryptography techniques to ensure secure transactions and control the creation of new units. Its volatility makes it appealing to hackers who are looking to turn a quick profit.

    The Youbit hacking comes days after the U.S. government publicly blamed North Korea for unleashing the devastating WannaCry malware attack that infected hundreds of thousands of computers around the world.

    Read more: https://www.dailydot.com/debug/north-korean-bitcoin-exchange/

    As Bitcoin plummets Coinbase temporarily halts trading

    Image: AFP/Getty Images

    Coinbase — the largest Bitcoin market in the U.S. — has disabled all buying and selling as the digital currency Bitcoin dramatically loses value. 

    At 11:11 a.m. EST, Coinbase posted that it had temporarally disabled trading:

    All buys and sells have been temporarily disabled. We are working on a fix and apologize for any inconvenience. 

    About 25 minutes later, at 11:35 a.m. EST, the company said it’s still monitoring the problem:

    Due to today’s high traffic, buys and sells may be temporarily offline. We’re working on restoring full availability as soon as possible. 

    This “high traffic” is largely in reference to activity in the Bitcoin market. Bitcoin is the world’s highest-valued currency, as one Bitcoin hit nearly $20,000 this December.

    But it’s lost about a quarter of its value in the last 24 hours and the fickle currency is now trading at around $12,874 — and some exchanges around $11,000.

    Other cryptocurrencies have followed the pattern: Ethereum, Litecoin, and Bitcoin cash have all lost a quarter of their value over the last day. 

    All of this frenetic activity likely overburdened Coinbase’s services — something it might better account for going forward: New currencies are inherently unstable, and the today’s cryptocurrencies will be swinging up and down for quite some time.

    Read more: http://mashable.com/2017/12/22/coinbase-halts-trading-as-bitcoin-falls/

    Become A Bitcoin Billionaire With This 5-Course Bundle

    This piece was written by the people who run the Cracked Store to tell you about products that are being sold there.

    Remember the Winklevoss twins from The Social Network? They were the rich, handsome rowing champions that Mark Zuckerberg allegedly took the idea for Facebook from. (We know, life is so unfair.) Well things ended up working out OK for the Winklevii, as last month, they became billionaires thanks to Bitcoin.

    For the uninitiated, Bitcoin is a digital currency that’s not tied to any country or bank. But the reason Bitcoin is grabbing headlines by the armful is that its value has increased by more than 1,000 percent in the past year alone. Even if you don’t have a $65 million nest egg like the Winklevoss twins, you can still make a killing off of Bitcoin with the Complete Cryptocurrency Investment Bundle. This five-course bundle will teach you how to strike it big with Bitcoin, and you won’t even have to tick off Mark Zuckerberg to do it. Here’s what it includes:

    Cryptocurrency Wealth: How To Trade And Invest Like The Pros ($190 Value)

    Any dope with a modem can buy and sell Bitcoin, but it takes a shrewd professional to know when to buy and sell Bitcoin. This 35-lecture course will teach you how to correctly read the markets so you can buy low, sell high, and maximize your returns.

    The Ultimate Bitcoin And Blockchain Course And Audio Book ($99 Value)

    If a journey of a thousand miles begins with a single step, then consider this tying up your laces and walking out the door. This course teaches you the principles of blockchain technology so you can understand the science behind Bitcoin and make shrewd investments accordingly.

    Blockchain And Bitcoin Fundamentals ($95 Value)

    There are a lot of misconceptions being passed around by first-time investors who are eager to prove that they know what they’re talking about. They don’t, but this course will give you the ability to differentiate between who’s spitting wisdom and who’s just spitting. This course also teaches you more advanced topics, like smart contracts and digital tokens.

    The Complete Ethereum (Cryptocurrency) Guide ($20 Value)

    If Bitcoin is Dr. Dre, then Ethereum is Eminem waiting in the wings. Ethereum has (as of this writing) a $50 billion market cap, and it could very well overtake Bitcoin sometime this year. This course will teach you the basics of Ethereum so you can diversify your portfolio and pad your wallet.

    Complete Steemit Course: Earn Cryptocurrency For Free ($75 value)

    Imagine if you could get paid to use social media without having to become a Kardashian. You can with Steemit, a social network which rewards people with cryptocurrency for creating, curating, and commenting on content. This course will teach you how to master the ins and outs of Steemit and start making money with the types of posts that you’re already sharing on other platforms.

    Cryptocurrency is finally becoming mainstream, and there’s never been a better time to jump onboard. The Complete Cryptocurrency Investment Bundle typically costs $479, but you can get it for just $24 — a saving of 94 percent.

    You may not be a Billionaire Playboy yet, Little Dreamer, but hang in there. You will be someday. I Want to Believe.

    Protect your IRL money with Get Some Bang For Your Bucks With These 5 Stylish Wallets.

    Read more: http://www.cracked.com/blog/become-bitcoin-billionaire-with-this-5-course-bundle/

    Bitcoin Finds Floor After Worst Selloff Since 2015

    Bitcoin rebounded on Saturday along with most of the major cryptocurrencies, halting a four-day tumble that drew worldwide attention to the unregulated $500 billion market that’s frequently called a bubble.

    The double-digit bounceback was strongest with second-tier digital coins. Bitcoin cash soared 21 percent and litecoin gained 12 percent as cryptocurrency traders regained optimism. They weren’t put off by comments published Saturday from a central banker in Germany that “the risk of rapid losses” is obscured in cryptocurrencies.

    “The enthusiasm hasn’t been destroyed,” Marc Ostwald, global strategist at London-based ADM Investor Services International, said by phone from Warsaw. “It’s a volatile market, and investors are hungry for that. They say everything else is boring.”

    The broad recovery on Saturday coincided with a pause in bearish news that had snowballed since Monday and shaved 24 percent off bitcoin’s value, its biggest four-day selloff since 2015. Comments by central bankers, a decision by litecoin’s founder to sell all his holdings and investors’ wishes to cut stakes before the holiday season fueled the plunge.

    “With holidays approaching, some people want to step away from the table, and take their chips with them,” Ostwald said about the selloff. “Still, I wouldn’t want to put it down too much to rationality, because this is not a rational market.”

    While bitcoin wasn’t the most volatile crypocurrency in the past week, it’s the largest, and it shook the world of digital-coin trading on Friday when its interday plunge reached 30 percent. That was the steepest dive since Jan. 14, 2015, back when its market value was just $2.4 billion. On Saturday it was about $260 billion.

    Bitcoin advanced 10 percent to $15,530 at 4:21 p.m. New York time on Saturday, compared with 24 hours earlier, according to data on coinmarketcap.com.

    In a late-week comment that undercut confidence, Michael Novogratz, the former Goldman Sachs Group Inc. and Fortress Investment Group LLC macro trader, said he’s shelving plans to start a cryptocurrency hedge fund. He predicted that bitcoin may extend its plunge to $8,000. Earlier this month he predicted it could reach $40,000 within a few months.

    For a look at whether Goldman is building a cryptocurrency trading desk, click here.

    Growing pains in the digital-coin world and warnings emerged all week, adding to volatility.

    Coinbase, one of the larger trading platforms, on Friday said all buys and sells were temporarily unavailable before they were re-enabled, according to its website. There were no incidents reported Saturday.

    In South Korea, Yapian, the owner of bitcoin exchange Youbit, said Tuesday it would close and enter bankruptcy proceedings after a cyberattack that claimed 17 percent of its total assets.

    ‘Bitter Losers’

    There’s been a string of warnings by regulators for investors in digital coins.

    “We are seeing a rapid rise in value, which hides the risk of rapid losses,” Bundesbank board member Carl-Ludwig Thiele said in a Euro am Sonntag report. He said there is a wide debate going on about the use of digital central-bank money in a closed system, but that he doesn’t currently expect it’s introduction.

    Felix Hufeld, president of German banking supervisor BaFin, advised consumers that trading in bitcoin would produce “bitter losers” and could result in a “total loss,” in an interview with German newspaper Bild.

    EU Warning

    That echoed comments three days ago by the European Union’s financial-services chief, Commissioner Valdis Dombrovskis, who asked the heads of the EU’s three financial supervisors to update their warnings to consumers “as a matter of urgency” in light of recent market developments, according to a letter seen by Bloomberg.

    In past years, central banks and the commercial lenders they oversee have made strides to curb money-laundering through greater transparency rules, only to see anonymous transactions explode in the nascent cryptocurrency industry — under names like Verge and Zcash. Their admonishments this month haven’t stopped double-digit rebounds.

    “Huge rises and sudden, spectacular setbacks wouldn’t surprise me going forward,” ADM’s Ostwald said. “The worry is going to be, at some point, the pips are going to start squeaking. Retail investors losing money will ask, ‘Why aren’t you intervening to help me? And the answer is going to be, ‘Well, this is a casino. On your head, be it.’ ”

    For related news and information:
    XBT Curncy GP <GO>
    VCCY <GO> for a cryptocurrency monitor

      Read more: https://www.bloomberg.com/news/articles/2017-12-23/bitcoin-climbs-finding-floor-after-worst-selloff-since-2015

      Ethereum and Ripple reach new all-time highs while Bitcoin stagnates

      Image: shutterstock

      Every product here is independently selected by Mashable journalists. If you buy something featured, we may earn an affiliate commission which helps support our work.

      It’s another green day in the world of cryptocurrencies, with all of the ten largest coins rising significantly in value in the last 24 hours. However, this time it’s not Bitcoin that’s leading the charge. 

      Yes, Bitcoin’s price rose to $14,043 — a 4.99% increase in the last 24 hours — bringing the most popular cryptocurrency’s market cap to $235.6 billion. But it’s still a long way from Bitcoin’s all time high of $19,962 in December. 

      But all of the other major cryptocoins rose far more than Bitcoin. Ripple, the second-largest cryptocurrency by market cap, rose 11.48% to a new record of $2.47. Ethereum, which is in third place, rose 16.97%, to $889.77 — another all-time high. And Stellar, which is currently in eighth place by market cap, grew a whopping 36.03%, which brought its price to a record high of $665. 

      All in all, the market cap of the entire cryptospace is currently at a record $654.2 billion, an impressive feat considering Bitcoin has lost thirty percent of its value in the last couple of weeks. 

      There’s no significant news to which we can attribute this recent growth. Ripple, which had recently overtaken Ethereum as the second-largest cryptocoin, has been growing like a weed for a while now without any major developments. As for Ethereum, it likely benefitted from the launch of a test network for Casper, a significant upgrade for Ethereum which is currently in alpha stage. 

      While it historically wasn’t very smart to bet against Bitcoin, it looks like it’s time for all the other cryptocurrencies to shine. Bitcoin dominance as measured by CoinMarketCap — the percentage of Bitcoin’s market cap compared to the market cap of all other cryptocoins — is at a historic low of 36%.

      It’s possible that the hoards of investors who recently entered the crypto space (popular exchange Coinbase has grown its user base by millions in the last couple of months) are now diversifying into coins that aren’t Bitcoin. It’s also possible that Bitcoin’s largely stagnant development — in contrast to the extremely busy roadmaps from most of its competitors — is driving investors away. On the flip side, it’s not unimaginable that Bitcoin is just taking a little break before it explodes again.

      Read more: http://mashable.com/2018/01/02/ripple-ethereum-records/

      Bitcoin Lost Almost 20% of Its Value This Week

      Bitcoin faced one of its biggest tests this week, losing almost 20 percent of its value after the world’s largest cryptocurrency reached a record high Monday.

      The digital currency plunged as much as 30 percent on Friday, before paring losses, as this week’s selloff extended to a fourth day. The weekly decline is the biggest in almost three years. Other cryptocurrencies also tumbled: ethereum dropped as much as 36 percent and litecoin slumped as much as 43 percent, according to composite prices on Bloomberg.

      Michael Novogratz, the former Goldman Sachs Group Inc. and Fortress Investment Group LLC macro trader, said he’s shelving plans to start a cryptocurrency hedge fund and predicted that bitcoin may extend its plunge to $8,000.

      “We didn’t like market conditions and we wanted to re-evaluate what we’re doing," Novogratz said in a phone interview. He predicted last week that bitcoin could reach $40,000 within a few months.

      Bitcoin dropped to as low as $10,776, before recovering to $14,303 at 4:04 p.m. in New York. It last traded below $10,000 on Dec. 1, when the U.S. Commodity Futures Trading Commission agreed to allow trading in bitcoin futures. The price of the digital coin had more than doubled in the prior three weeks.

      The losses represent a major test for the cryptocurrency industry and the blockchain technology that underpins it, which have rapidly entered the mainstream in recent weeks. Bears cast doubt on the value of the virtual assets, with UBS Group AG this week calling bitcoin the “biggest speculative bubble in history.” Bulls argue the technology is a game changer for the world of investment and finance. Both will be closely watching the outcome of the current selloff.

      “The sharks are beginning to circle here, and the futures markets may give them a venue to strike,” said Ross Norman, chief executive officer of London-based bullion dealer Sharps Pixley Ltd., which offers gold in exchange for bitcoin. “Bitcoin’s been heavily driven by retail investors, but there’ll be some aggressive funds looking for the right opportunity to hammer this thing lower.”

      Traders who bought the currency on futures exchanges using collateral may start facing margin calls following the price decline. Two venues launched products in recent weeks that required hefty security, with Cboe needing 44 percent to clear contracts, and the CME 47 percent. Brokers set safety nets even higher.

      Coinbase, one of the world’s largest cryptocurrency exchanges, said all buying and selling was temporarily disabled during today’s rout, after having delays in processing wire transfers and verifying new customers for the past week due to higher traffic. Bitcoin transaction volume jumped more than 30 percent on Coinbase’s GDAX exchange, while fees to approve and record the transactions on the blockchain surged to a record $55, according to Bit Info Charts.

      Many of the recent news stories and market moves connected to cryptocurrencies appear to carry hallmarks of the mania phase of a bubble. Long Island Iced Tea Corp. shares rose as much as 289 percent on Thursday after the unprofitable Hicksville, New York-based company rebranded itself Long Blockchain Corp. Bank of Japan Governor Haruhiko Kuroda said on Thursday bitcoin isn’t functioning like a normal means of payment and is being used for speculation.

      Still, cryptocurrencies are attracting established players. Goldman Sachs Group Inc. is setting up a trading desk to make markets in digital currencies such as bitcoin, according to people with knowledge of the strategy. The bank aims to get the business running by the end of June, if not earlier, two of the people said.

      For related news and information:
      XBT Curncy GP for bitcoin
      VCCY for a cryptocurrency monitor

        Read more: http://www.bloomberg.com/news/articles/2017-12-22/bitcoin-plummets-toward-13-000-down-more-than-30-from-record

        Tech Q&A: Bitcoin, net neutrality, mounting TVs and more

        Bitcoin breakdown

        Q: I keep hearing about Bitcoin. I don’t get it. Can you explain if it is a good investment?

        A: The cryptocurrency has long fascinated investors and journalists, and provocative headlines about “blockchain” technology are causing mass hysteria. Many people are afraid even to ask: What is Bitcoin? Can anybody buy in? Doesn’t it have something to do with the Dark Web, and isn’t that sketchy? You may have heard that the average Bitcoin is now worth a phenomenal amount of money. My advice is to slow down, take a breath and know what you are getting into. Click here for answers to commonly asked Bitcoin questions.

        More on this…

        Read more: http://www.foxnews.com/tech/2017/12/31/tech-q-bitcoin-net-neutrality-mounting-tvs-and-more.html

        Bitcoin falls $1,000 after South Korea promises crackdown on trading

        Move comes less than two weeks after high-profile digital currency exchange in Seoul was hacked and went bankrupt

        Bitcoin plunged by more than $1,000 (740) on Thursday after South Korea said it was planning a crackdown on trading in the digital currency in the latest of a string of warnings for investors.

        It dropped to about $13,500 after trading at about $15,400 on Wednesday. The dip was seen as a further illustration of bitcoins volatility.

        The cryptocurrency has surged in value this year by more than 900%, becoming one of the biggest stories in finance amid a slew of warnings of a pending market crash.

        Bitcoin recovered ground later on Thursday and was trading at about $14,000 at 5.30pm UK time.

        South Korea, which is one of the biggest markets in the world for bitcoin, said it was preparing a ban on opening anonymous cryptocurrency accounts and new legislation to enable regulators to close coin exchanges if they felt there was a need to do so.

        Q&A

        What is bitcoin and is it a bad investment?

        Bitcoin is the first, and the biggest, “cryptocurrency” a decentralised tradable digital asset. Whether it is a bad investment is the big question. Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person.

        According to Reuters, the South Korean government issued a statement saying it had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility.

        The move came less than two weeks after the high-profile insolvency of one of the countrys digital currency exchanges, after the Seoul-based platform was hit by hackers for a second time.

        The exchange, called Youbit, shut down after losing 17% of its assets in a cyber-attack which was later blamed on North Korean hackers. The incident followed several other attacks against cryptocurrency platforms, such as a hack earlier in the month against the cryptomining marketplace NiceHash, which lost about 4,700 bitcoins in the attack.

        The crackdown in South Korea comes amid repeat warnings from leading figures in finance and some of the worlds top economists, who have said the currency is a vehicle for fraudsters and drug dealers. There are also fears that its rapid increase in value this year could quickly unwind, causing severe losses for investors.

        Sir Howard Davies, who chairs RBS, has likened investing in bitcoin to Dantes Inferno Abandon hope all ye who enter here while Jamie Dimon, the head of JP Morgan, has said bitcoin could potentially be worse than the tulip mania of the 17th century, when bulb prices rose vertiginously before crashing.

        However, several leading academics have said bitcoin poses no threat to the stability of the financial system, as its total value stands at about $240bn, paling in comparison with the total value of global shares at almost $80tn.

        Companies are also exploring ways to exploit blockchain which is the technology underpinning bitcoin and works by securely encrypting information to speed up everything in business from making payments to transferring data and contracts.

        Bitcoin rose to nearly $20,000 a week before Christmas, following the introduction of derivatives trading for major investment firms on the Chicago Mercantile Exchange, which enabled hedge funds to place bets on future prices. However, it then lost 25% of its value on 22 December, before recovering earlier this week and then slumping again on Thursday.

        While some have said more investors in the market could help support higher valuations, the currency is on a jittery run.

        Craig Erlam, senior market analyst at trading firm Oanda, said the recent fall in value could have made speculators more wary of the potentially negative news from Korea for its market price.

        We saw plenty of this in reverse on the way up, with positive news triggering significant rises and negative news being brushed aside. It wouldnt surprise me if we see prices heading back below $10,000 before they find their feet again, he said.

        Digital currencies have grabbed the attention of global regulators this year as a consequence of bitcoins rapid price growth, gaining in value from about $1,000 at the beginning of 2017. Other cryptocurrencies such as Ethereum, Ripple and Litecoin have also gained in value this year.

        Closer control of digital currencies by financial watchdogs could result in further volatility for bitcoin, as part of its attraction among supporters has been the lack of government and central bank oversight.

        The UKs Financial Conduct Authority has issued a warning about investing in initial coin offerings, which use digital tokens to raise funds for startup businesses and projects.

        Read more: https://www.theguardian.com/technology/2017/dec/28/bitcoin-falls-south-korea-crackdown-trading

        Ethereum takes cue from Bitcoin, starts growing like crazy

        Image: Wit Olszewski/shutterstock

        Ethereum, the second largest cryptocurrency by market cap (behind Bitcoin), is currently trading at $707, a 20% increase in the last 24 hours. 

        This is a new record for Ethereum, which has kept pace with Bitcoin for the better part of the year but started falling behind sometime in the summer. Bitcoin’s price grew tremendously in the second part of the year. One bitcoin is currently worth $17,176. 

        Ethereum’s market capitalization, according to CoinMarketCap, is currently $66.5 billion. 

        Besides being a blockchain-based cryptocurrency, Ethereum has fairly little to do with Bitcoin. While Bitcoin is primarily a payment system, Ethereum is a platform for decentralized apps running on its blockchain. 

        Ethereum’s platform ushered in a completely new breed of startups that raised funds via initial coin offering or ICO events. Participants exchange Ethereum for new digital tokens created on the Ethereum blockchain. ICOs raised more than $1.24 billion in the third quarter of 2017, according to CoinDesk

        Most recently, Ethereum has been in the news due to a popular game called CryptoKitties, which lets users collect and trade digital kittens stored on Ethereum’s blockchain. 

        Looking at price alone, Ethereum’s growth has been even more impressive than Bitcoin’s this year. The cryptocurrency was trading for about $8.3 in January; its current price represents a 8,500% increase. 

        Ethereum might be rising due to recent comments by SEC chairman Jay Clayton, who published a statement on Monday warning about the dangers of ICOs, which are largely unregulated. He also said that some digital tokens traded in ICOs aren’t securities and do not fall under SEC’s jurisdiction. 

        Numerous other cryptocurrencies continue yesterday’s rally, most notably, the banking-oriented Ripple, which grew by 73% in the last 24 hours and now has a market cap of $18 billion. 

        Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH, as well as a swiftly rising number of digital kittens.

        Read more: http://mashable.com/2017/12/13/ethereum-700/