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Record $10,000 in sight for bitcoin

Monday, November 27, 2017 - 01:39

Bitcoin's vertiginous ascent showed no signs of stopping on Monday, with the cryptocurrency soaring to another record high just a few percent away from $10,000 after gaining more than a fifth in value over the past three days alone. As Ciara Lee reports, the digital currency has seen an eye-watering tenfold increase in its value since the start of the year.

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Soaring to yet another record high And just a few percent away from the 10,000 dollar mark Bitcoin's seemingly unstoppable ascent continues, gaining more than a fifth in value over the past three days alone. The digital currency has seen an eye-watering tenfold increase in its value since the start of the year. (SOUNDBITE) (English) CHIEF MARKET ANALYST, AXITRADER, JAMES HUGHES, SAYING: "It's a snowball effect that's happening on Bitcoin. If you look anywhere, any sort of financial bulletin, you look in the major financial newspapers, Bitcoin has its pride of place in there at the moment. It is a massive story and with that comes popularity, and with that comes the amount of general trades starts going through something like Bitcoin, so we get big moves." Bitcoin surged 4.5 percent on Monday to trade at $9,687 on the Luxembourg-based Bitstamp exchange. Its price has been helped in recent months by the announcement that the world's biggest derivatives exchange operator CME Group will start offering bitcoin futures. Less impressed maybe - central bankers. Some say the success of bitcoin and other cryptocurrencies is just a bubble. (SOUNDBITE) (English) CHIEF MARKET ANALYST, AXITRADER, JAMES HUGHES, SAYING: "The risk of the bubble bursting are the big ones and of course we just have no idea. It could happen at any second and there is no rhyme nor reason behind it at the moment." The global cryptomarket is worth $245 billion - that's tiny compared to central bank balance sheets But they can't be ignored They could have an impact on the banking system and the monetary policies the central banks use to manage inflation.

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Record $10,000 in sight for bitcoin

Monday, November 27, 2017 - 01:39