The pioneer cryptocurrency, the one that fathered them all, has beaten several records over the past 48 hours. Bitcoin has surpassed $13,000, then $14,000, then $17,000! It looks as though we could be headed for ‘the moon’.
Increasing by $1,000 per day? That really is out of this world. Its anybody’s guess on knowing why it’s going this crazy, but hey, who’s complaining!
Some of the theories suggest that Bitcoin is experiencing these price swings in the market due to the fact that many are expecting the institutional bump with the introduction of the futures contracts. Cboe is going to be launching their contracts on December 10, 2017, and CME is going to be launching their futures on December 17th, 2017.
The market price of Bitcoin is now sitting at $17,083.33 USD at the time of writing. Meaning over the course of a week, the currency has gone up at least $6,000. There are variations in the pricing of BTC in the different exchanges, as volatility and spreads might be quite different. Exchanges in South Korea saw their price of BTC go up to $17,000, while Coinbase and other exchanges in the US may have seen different levels of activity.
The currency seems to be continuously moving forward at a rapid pace!
The strength of the currency is quickly moving, as opposed to fiat currencies like the Dollar and the Ruble which are regularly depreciating.
Many are predicting that these parabolic jumps are going to continue, as the currency takes a trajectory that is unprecedented and on a totally different level.
Even with the price jumps, many prominent members of the community like Erik Voorhees is telling people to study the underlying technology, instead of merely speculating on the price. Learn more about how it came to be and why everyone is able to enjoy these price gains.
Eric Voorhees tweeted:
“For anyone who is newly interested in #Bitcoin, instead of going and blindly buying it, go instead and learn. Watch a couple docs. Read a book or 20 articles. The price is fun, but what really matters is why it exists at all, and the consequences to society now that it does.”
Another interesting topic surrounding cryptocurrency is that firms like PriceWaterhouseCoopers, a major financial institution, has accepted its first cryptocurrency transaction. The firm’s Hong Kong office of auditing and accountancy started accepting it. This move, made by one of the world’s biggest and prestigious financial firms, provides the coin with significant clout as a legitimate means of exchange. The company may gain more strength from their clients, as they accepted the first cryptocurrency payment from those who are in the blockchain and digital currency sector.
From a PwC standpoint, the move also looks good because they are able to show that they are actively being innovative and taking different actions in a sector that their peers might be shying away from.