{"id":50319,"date":"2017-11-03T07:10:33","date_gmt":"2017-11-03T07:10:33","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=50319"},"modified":"2017-11-03T07:10:33","modified_gmt":"2017-11-03T07:10:33","slug":"bitcoin-rockets-above-7000-for-the-first-time","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/bitcoin-rockets-above-7000-for-the-first-time.html","title":{"rendered":"Bitcoin rockets above $7000 for the first time"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Bitcoin rockets above $7000 for the first time<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Bitcoin rockets above $7000 for the first time: Bitcoin has seen eye-watering gains in recent months, having more than doubled in value in the past seven weeks alone. It is on track for a fifth consecutive quarter of increases a run not seen since 2012-2013, when it was approaching $100 for the first time.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">It hit as high as $7,354.10 on the Luxembourg-based Bitstamp exchange on Thursday BTC=BTSP, before settling back to $7,030 by 1630 GMT, still up over 4 percent on the day.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Credit Suisse (CSGN.S) Chief Executive Tidjane Thiam expressed caution about the booming cryptocurrency, saying the current interest in it could eventually subside.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cFrom what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble,\u201d he said on Thursday.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The latest rally was driven in large part by news earlier this week that the world\u2019s largest derivatives exchange operator CME Group (CME.O) is to launch bitcoin futures.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cThe move by such a well-known, established exchange throws open the doors for institutions to get into bitcoin,\u201d said analyst Arnaud Masset at Swissquote, a brokerage that offers bitcoin trading to retail clients.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cStill, traditional investors will remain cautious and will not rush.\u201d<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Thursday\u2019s price move took bitcoin\u2019s aggregate value or \u201cmarket cap\u201d &#8212; its price multiplied by the number of bitcoins released into circulation &#8212; to more than $122 billion, according to industry website Coinmarketcap.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The aggregate value of all cryptocurrencies hit a record high of more than $194 billion, the website said, more than the market values of Goldman Sachs and Morgan Stanley combined.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cThis has been another incredibly bullish week for the cryptocurrency, with the visible upside attracting investors from all directions,\u201d said Lukman Otunuga, research analyst at FXTM, a brokerage.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cIt must be kept in mind that bitcoin\u2019s exponential gains are not only phenomenal, but (also) somewhat frightening.\u201d<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 8pt;color: #000000\">Source:http:\/\/www.reuters.com\/article\/us-global-markets-bitcoin\/bitcoin-rockets-above-7000-for-the-first-time-idUSKBN1D217U<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/bitcoin-rockets-above-7000-for-the-first-time.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Bitcoin rockets above $7000 for the first time Bitcoin rockets above $7000 for the first time: Bitcoin has seen eye-watering gains in recent months, having more than doubled in value in the past seven weeks alone. It is on track for a fifth consecutive quarter of increases a run not [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":50325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[91571,30053,30054,30104],"class_list":["post-50319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bitcoin-rockets-above-7000-for-the-first-time","tag-business-updates-usa-news","tag-current-business-updates-usa","tag-current-business-updates-usa-news"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/50319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=50319"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/50319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/50325"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=50319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=50319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=50319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}