$20K within Bitcoin’s sights
new york — Virtual currency Bitcoin hit another all-time peak, two days after the launch of the first ever Bitcoin futures on a US exchange and ahead of the start of another futures contract next week, as investors grew optimistic that the $20,000-mark is within reach.
On Sunday, Chicago-based derivatives exchange Cboe Global Markets launched bitcoin futures, enabling investors to get exposure to the currency via a large, regulated exchange. The CME Group is expected to launch its futures contract on December 17. “We’re going to see Bitcoin emerge as a payment network,” said Trevor Koverko, CEO of Polymath, a securities token platform.
“Currently Bitcoin is being used as a speculative asset and store of value. But as scaling solutions... emerge, Bitcoin’s utility dramatically increases along with its price,” Koverko said. Bitcoin was quoted at $17,310 on the Bitstamp exchange, up 5.1 per cent on the day. Earlier on Tuesday, Bitcoin hit a record of $17,428.42, registering a roughly 20-fold increase in its price for the year as it drew in millions of new investors.
A technical analysis that measures the ups and downs in trading prices, known as waves, showed bullish momentum for Bitcoin. The technical analysis suggests an extension of a wave, which could mean that Bitcoin would easily surge above the psychologically important level of $20,000, according to the analysis. —