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Bitcoin tops $10,000, taking 2017 gains to 940 percent

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Bitcoin tops $10,000, taking 2017 gains to 940 percent Empty Bitcoin tops $10,000, taking 2017 gains to 940 percent

Post  Admin on Wed Nov 29, 2017 6:27 am

NEW YORK (Reuters) - Virtual currency bitcoin soared to an all-time high above $10,000 on Tuesday on major exchanges and digital currency indexes, including the widely followed Luxembourg-based trading platform BitStamp.

Created in 2009, bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds outside of a traditional centralized payment system.

It has soared more than 900 percent so far this year, posting the largest gain of all asset classes, amid increased institutional demand for crypto-currencies as financial and mainstream use has expanded.

But sceptics say it a classic speculative bubble with no relation to real financial market activity or the economy, most famously JPMorgan boss Jamie Dimon who labelled it a fraud.

Bitcoin crossed $10,000 on smaller exchanges such as the CEX.IO exchange, and the crypto-currency index coinmarketcap.com long before it hit the milestone on BitStamp.

At 0245 GMT, it hit a high of $10,069.12 on BitStamp and was up 2 percent on the day.

“The price rise is a continuation of a long-term trend which has been driven by the speculative activity in Japan and also with institutional investors dipping their toes into the cryptocurrency market,” said Thomas Glucksmann, head of marketing at Hong Kong exchange Gatecoin.

Bitcoin tops $10,000, taking 2017 gains to 940 percent
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