Sydney — Bitcoin topped $8,000 for the first time, as investors set aside technology concerns that had derailed its advance earlier in November. Bitcoin rose 4% to $8,015.67 as at 7.47am in London on Monday, paring a rally of as much as 5.2% during Asian hours. It is now up more than 700% in 2017 after shrugging off a tumble earlier in November. It has been a tumultuous year for the largest cryptocurrency, with three separate slumps of more than 25% all giving way to subsequent rallies. Even as many sceptics call the asset a bubble waiting to pop, it’s becoming too big for many on Wall Street to ignore. The digital currency is gaining the acceptance of professional investors, with CME Group, the world’s biggest exchange, poised to start offering futures trading on bitcoin in December. Recent volatility has also stemmed from a pick-up in people switching to alternative virtual currencies, notably bitcoin cash. That is gaining popularity due to a lower transaction cost and faster spee...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.