Bitcoin flew past the $14,000 mark early this morning less than a full day after it passed $12,000 for the first time.
The cryptocurrency, which has staged a stunning rise from near-anonymity at the beginning of the year when its price was below $1,000, was up 3.1 percent at $14,133.93 at the time of writing, according to Coindesk’s aggregate index.
The surge in price has led some analysts to label it a bubble, though there are questions around just when it might pop.
The cryptocurrency is famed for its volatility: yesterday, it dropped by about $500 in three minutes before jumping back up to where it started again.
However, even JP Morgan, whose boss called bitcoin a fraud, changed its tune on the digital currency this week with analysts saying the launch of bitcoin futures contracts by established exchanges could transform cryptocurrencies into an emerging asset class.
Cboe Global Markets will launch bitcoin futures contracts next week while CME Group’s will go live on 18 December.
But with more attention from investors comes a deeper focus from regulators.
The Treasury has set out regulatory plans for bitcoin in a bid to halt suspicious activity from taking place through the cryptocurrency’s anonymous platform.
Frontpage November 25, 2020