Bitcoin Hits New Record High Above $9,000

Bitcoin cryptocurrency hit a new record high on Monday soaring above the $9,000 level after starting the year at $1,000.

Bitcoin has rallied despite the frequent setbacks and sharp swings in volatile trading this year as traders switch to offshoots of bitcoin cryptocurrencies, such as bitcoin cash.

After breaking a record high of $9,058.30 in early trading on the US based Bitfinex exchange, Bitcoin settled at $8,955, giving it a total market capitalization of $150 billion, rising over 700% so far this year.

Recognition and Legitimacy

It seems likely that the rise in the price of Bitcoin can be attributed to the recognition and legitimacy in the financial markets following the announcement of CME, the world’s leading derivatives exchange, that it was going to offer bitcoin futures trading by the second week of December. This involvement has spurred the price of Bitcoin higher.

Warning From US Securities and Exchange Commission

The surge in the value of Bitcoin and its rapid rise has sparked a warning from the US Securities and Exchange Commission. They warn that virtual currency tokens are open to fraud or manipulation as they are largely unregulated. Without any backing from any central bank or government there is no, one responsible body for backing their value raising concerns by international regulators.

Prices Boosted by New ICOs

There has been over 160 ICOs this year with new virtual coins offered for public sale. The start-ups have managed to raise over $3 billion collectively, boosting the price of digital currencies.

There is a growing concern over an asset bubble, because of Bitcoin rapid rise in value.

Other Cryptocurrency Trading

Bitcoin Cash gained 2.32 percent at $1,584.50

Bitcoin Gold fell 2.38 percent to $349.67

Ethereum fell from a high of $487.96 to $463.17

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