One bitcoin is now worth $10,000

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It happened. One bitcoin is now worth $10,000.

The milestone was hit on international exchanges earlier in the day (where prices are normally a few percent higher) and was just crossed on U.S exchanges like Coinbase and Gemini a few minutes ago.

This comes two days after bitcoin hit $9k, and eight days after it crossed $8k.

This $10,000 marks a bull rally essentially never before seen in modern financial markets. For perspective, bitcoin is now up 1,258% over the past year, with the cumulative value of all cryptocurrencies up 2,174% to a total of $316B. Bitcoin alone currently represents about 54% of this total market cap.

BTC 1y price graph, from coinmarketcap.com

It’s a strange time in bitcoin land. There’s never been an asset, with the exception possibly being Tulips, that’s risen so much in such a short amount of time. So without any precedent or way to assign a “book value” to the currency, no one really knows what to think or do.

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Some say this is the nascent start of a trillion dollar industry and the biggest thing to happen in technology since the internet was invented. Some think that bitcoin will replace gold and U.S dollars and every monetary instrument in between. Yet others say that this is the biggest speculatory bubble the world has ever seen, and that bitcoin will crash to zero tomorrow.

And of course there’s the majority of us who think something in between, or really just don’t know what to think. It’s hard enough to predict how technology will develop, and even harder when you add the emotions attached with trying to independently value and assess a tradable, liquid asset like bitcoin.

So the question likely on your mind right now…what’s next?

No one knows. Even the most passionate cryptocurrency believers admit that we’re very likely in a bubble, and that some type of correction will happen. Of course no one knows if this will be a 20% or 2,000% correction, or if it will even happen at all. But don’t be surprised if it eventually happens on some scale.

But despite the fact most of us can’t open Twitter or turn on CNBC without hearing about bitcoin, it’s adoption is still relatively small. Many Americans still have no idea what a bitcoin is, what it does or how to purchase one. The same goes for Wall Street, and even though there have been over 100 cryptocurrency-focused hedge funds opened in the last year many institutional investors still haven’t take a stake in bitcoin.

So this could just be the beginning. Or the end. Either way, this milestone is a perfect time to step back and look just how crazy the last year has been in the world of cryptocurrencies.

Read more: https://techcrunch.com/2017/11/28/one-bitcoin-is-now-worth-10000/

Bitcoin futures are now tradable on the CBOE

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Bitcoin futures trading on CBOE, the world’s largest futures exchange, just launched at 5pm CT.

Within a minute of the launch bitcoin spiked about 10% from ~$14,700 all the way up to $16,200 before settling a few minutes later to around $15,500, up about 5%. Now an hour after launching the actual price of bitcoin is still up, trading around $15,350.

Currently the settlement price of the January 1st, 2018 futures contract is pegging the digital currency’s future price at $15,700 with relatively little volume being traded. Each contract is pegged at one bitcoin, meaning volume exchanged has totaled about $7.7M with actual dollars traded being less since the contract only requires a 30% margin requirement.

The circuit breaker was hit at least once after trading started, which stops trading for 2 minutes after a 10% move and 5 minutes after a 20% move up or down.

516 contracts have traded for the January settlement date, with only a couple of contracts for the March 2017 settlement date have traded so far.

CBOE’s website went down as futures trading launched, but this was mainly because of a spike in interest and not necessarily trading volume. Trades need to be made through brokerage platforms, so CBOE’s site really only provides quotes and information and not the functionality to actually trade options.

In a statement provided to TechCrunch, CBOE said “due to heavy traffic on our website, visitors to www.cboe.com may find that it is performing slower than usual and may at times be temporarily unavailable.  All trading systems are operating normally.”. 

Regardless, volume has still been low in the 30 minutes since options launched.

While there’s a chance activity will spike tomorrow when the trading week starts, so far this volume is much less than most expected.

As a refresher, CBOE is launching three futures contracts, with the settlement price being bitcoin’s trading price on January 1st, February 1st and March 1st, respectably. The CME group will launch their futures product later in December, and as of now these two products will be the only way for investors to trade the digital currency without actually holding it themselves.

Many think that the futures product will help stabilize the price of bitcoin, as well as hasten its adoption by Wall Street. Others think it’s a sign regulators are easing their view on the digital currency, which could lead to approval for future products like a bitcoin ETF.

Read more: https://techcrunch.com/2017/12/10/bitcoin-futures-are-now-tradable-on-the-cboe/

Bitcoin just passed $8,000

Stop me if you’ ve heard this prior to …

This early morning bitcoin shot previous ** INSERT PRICE MILESTONE **, and is now hovering around ** INSERT CURRENT PRICE ** — up almost ** INSERT % ** percent from the other day.

Just joking. We put on’ t in fact utilize that design template, however if you’ ve been following bitcoin over the last 6 months it most likely sounds extremely familiar.

In all severity, bitcoin has actually been on a wild run. The other day the rate shot past $8,000 for the very first time, and per typical when it breaks through a turning point is now trading sturdily above it at $8,250.

Here’ s a fast wrap-up of exactly what’ s been taking place in bitcoin world the last couple of weeks.

On November 2nd the cost of Bitcoin passed $7,000 for the very first time, sustained by need prior to the Segwit2x difficult fork that was expected to take place a couple of days earlier. Anybody that held a bitcoin prior to the fork would get an equivalent quantity of the forked coin, which some saw as belonging to totally free cash. When the tough fork was canceled on November 10th the cost plunged down to $5,800 as individuals moved their cash back into alternative cryptocurrencies, #peeee

. This unexpected drop likewise accompanied some really weird motion in the cost of bitcoin money (BCH) which saw the cost and hash rate spike for about 24 hours, momentarily making it the 2nd most important coin and the coin with the most hash rate (even going beyond bitcoin).

Bitcoin ’ s rate over the last month– from coinmarketcap.com

Anyways, now that the drama has actually passed the rate is on a stable climb once again and well previous$8,000. Exactly what ’ s triggering this?

While I made this argument when it passed$5,000 in early October, I still believe that institutional interest is the primary reason for this extended rally.

Over 100 cryptocurrency-focused hedge funds have actually been produced in the least year, which are serving as an avenue for big quantities of fiat being transformed to bitcoin and other cryptocurrencies. Even old-school hedge funds and financial investment organizations are participating the action, to the extend that there are services that enable them to securely do so.

And these services are coming. Simply recently Coinbase revealed a service to firmly save$10M or more of cryptocurrency for institutional financiers. Furthermore, CME group will release the very first controlled bitcoin futures item on December 10th. Both of these offerings will make it simpler for big varied financial investment lorries to get in the marketplace.

So exactly what ’ s next? Nobody understands, however at this moment it appears like$10k prior to completion of the year is possible. Obviously it ’ s simply as most likely for the rate to drop, as numerous state we are due for a correction.

Read more: https://techcrunch.com/2017/11/20/bitcoin-just-passed-8000/