BITCOIN smashed through the US$12,000 (RM48,900) barrier for the first time today, extending the virtual currency's stratospheric rise to new records as it gears up to take its place on mainstream markets. In fact, we believe that the bitcoin prices could quite possibly break through the $15,000 region by the end of the month.
Bitcoin received a boost after Friday's announcement by the main USA derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts.
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USA regulators last week cleared the way for Bitcoin futures to trade on major exchanges, including the world's biggest futures centre the Chicago Mercantile Exchange (CME), in news welcomed by analysts.
Bitcoin's meteoric ascent of over 10-fold from below $1,000 at the start of the year has drawn regulatory scrutiny around the world. It appears that the momentum is unstoppable and we do think that the 14K level could reach before the bitcoin futures start trading at the CBOE which is on the 11 December.
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"We are in the throes of a bubble market, and one of the characteristics of a bubble market is that there is no way to know when the bubble will burst".
Its breath-taking rise has prompted warnings of an increasingly risky speculative bubble and given rise to comparisons to the 17th century Dutch tulip mania and more recently the dotcom bubble.
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At that point, Bradford, who had been trying to make a point about a land-use bill, motioned to postpone until the next meeting. Keep your hands to yourself. "If you want to touch somebody, you have people on your side of the aisle who might like it".
As expected, the bitcoin prices have just broken through the $12,000 region as of this writing and continue to move higher through towards the $12,200.
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