Think Markets analyst Naeem Aslam on the other hand believed that such a bust was not in the offing any time soon and suggested that Bitcoin might even rise as high as $25,000 in early 2018 as major markets start trading futures of the asset. Futures for bitcoin will start trading on the Chicago Board Options Exchange on Sunday evening and on the Chicago Mercantile Exchange a week later. The futures are created to reflect the price of bitcoin without an investor having to physically hold the currency, not unlike how oil, gold, copper or cocoa prices are determined by futures contracts. Bitcoin prices were $960 at the start of the year. They expressed concern that the extreme volatility tied into bitcoin could leave banks exposed when the futures move too violently. Crypto exchange Coinbase showed a $3,000 per coin jump on Thursday before the site went down amid "record high traffic".
Bitcoin rose to over $14,000 on Wednesday afternoon, less than 24 hours after crossing the $12,000 mark.
Hackers have plundered a digital currency exchange, stealing millions of pounds worth of customers' Bitcoin.
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Bitcoin now has a market value of more than $256 billion, meaning it would rank among the 20 largest stocks in the S&P 500.
And then there are concerns about security. They are basically lines of computer code that are digitally signed each time they are traded.
In a warning for those who wish to invest in Bitcoins to make some big bucks, the cryptocurrency mining market NiceHash has revealed hackers wiped out its entire Bitcoin wallet, resulting in over $60 million loss. Some say they serve merely to facilitate money laundering and illicit, anonymous payments.
Miners of bitcoins and other virtual currencies help keep the systems honest by having their computers keep a global running tally of transactions. Laws were enacted to regulate bitcoin and other virtual currencies following that incident.