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Sat Nov 4, 2017, 03:42 PM

Bitcoin price hits $7400, jumps $400 in one day and soars to a new record high



Bitcoin skyrocketed past $7,400 on Friday, hitting yet another record high.

The virtual currency had shot past the $7,000 mark for the first time Thursday and finished on $6,895.41 toward the end of the session.

According to CoinDesk, the cryptocurrency reached a renewed all-time high of $7,454.04 at 6:40 a.m. ET Friday, after opening at $7,030. The jump in price saw bitcoin rise 6 percent.

Analysts believe more institutional investors could warm to the digital token after derivatives operator CME Group announced it would introduce bitcoin futures contracts this year.

"This is bitcoin crossing the divide from the wild west of finance to the mainstream," Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told CNBC in an email Thursday.

"Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold. This allows more complex financial products to be created and will eventually open the doors to institutional money."

CME's futures will be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), launched in November last year with Crypto Facilities, a digital cryptocurrency trading platform.

The bullish activity that followed CME's announcement also saw the total value of all cryptocurrencies surge past $200 billion for the first time. The market cap of bitcoin alone is more than $124 billion.

Bitcoin's price has risen 640 percent since the start of the year.

https://www.cnbc.com/2017/11/03/bitcoin-price-hits-yet-another-record-high.html

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Reply Bitcoin price hits $7400, jumps $400 in one day and soars to a new record high (Original post)
ansible Nov 2017 OP
LittleBlue Nov 2017 #1
PSPS Nov 2017 #3
roamer65 Nov 2017 #2
Cicada Nov 2017 #4
fescuerescue Nov 2017 #6
fescuerescue Nov 2017 #5
OilemFirchen Nov 2017 #7

Response to ansible (Original post)

Sat Nov 4, 2017, 03:45 PM

1. As confidence in fiat currencies erodes, Bitcoin soars

 

Plus Bitcoin could be used to stabilize the third world, where currencies are often abused and hyperinflated by corrupt government officials.

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Response to LittleBlue (Reply #1)

Sat Nov 4, 2017, 03:53 PM

3. LOL. Actually, bitcoin rises in value when a new ransomware variant gets released.

Ever since Wanacry was released, subsequent variants have continued to drive up the price of bitcoin, since it's the only 'currency' accepted by its perpetrators. It's the currency of the criminal world where it's used for drug deals, child pornography, etc.

A few retailers tried accepting bitcoin for a while over the last few years but they've all dropped it due to its nefarious nature.

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Response to ansible (Original post)

Sat Nov 4, 2017, 03:47 PM

2. A bubble ready to burst.

I prefer “barbarous relics” like gold and silver. They will be around as money till the end of humanity itself.

We will see what bitcoin is worth after a Carrington event, like 1859.

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Response to ansible (Original post)

Sat Nov 4, 2017, 04:23 PM

4. Wont quantum computers crack bitcoin encryption?

Is there a way to sell bitcoins short?

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Response to Cicada (Reply #4)

Sat Nov 4, 2017, 04:36 PM

6. You can sell GBTC short

Which is a trust that invests in bitcoin.

You can't sell the actual bitcoins short however, as their is no mechanism to borrow bitcoin from other holders as there is in stocks.

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Response to ansible (Original post)

Sat Nov 4, 2017, 04:35 PM

5. Bubble.

I've been saying it's a bubble ever since it hit $200 about 4 years ago.

I still think it's a bubble, but I wouldn't be surprised now if it hits $10,000 before it drops back to less than $200

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Response to ansible (Original post)

Sat Nov 4, 2017, 04:59 PM

7. There's an applicable observation commonly used by car salesmen:

"There's an ass for every seat."

Never fails.

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