Bitcoin Hit $ 9,700 In A Few Hours

Bitcoin hit a historic high of $ 9,720.95 on the morning of Nov. 27, bringing its market capitalization to over $ 161 billion and a 24-hour trading volume of nearly $ 6 billion.

After breaking through the psychological level of $ 9,000, on Nov 27 after a week touching the $ 8,000 peak, Bitcoin has not shown any sign of deflating even it increases faster and is now reaching the historical level.

The price of the world’s largest coin is increasing when the massive investment funds are adopting Bitcoin as an asset, despite the fact that the market is still lacking in the warning that Bitcoin is a bubble. From Wall Street to the small trading rooms, Bitcoin is always in the talk of investors. In the past two weeks, Bitcoin prices have increased by more than 40%.

“The market is seeing a new buy Bitcoin fever due to the fear of missing out on trading opportunities,” said analysts at IG Group, a transaction platform operator said. “Some others see the risk of falling prices if future Bitcoins are released.”

The strong rise of Bitcoin has attracted many individual investors to participate in this market. The number of new accounts at Coinbase – one of the world’s largest Bitcoin and ethereal platforms – has nearly tripled to 13 million accounts last year.

The strong and quick increase of Bitcoin makes it difficult for analysts and investors to make accurate predictions. Treasurer Mike Novogratz, who runs a $ 500 million fundraiser last week, said Bitcoin’s momentum would end later this year at $ 10,000. One day later, Fundstrat research director Thomas Lee immediately doubled his previous Bitcoin forecast to $ 11,500 by mid-2018.

In a Bitcoin investment, CME Group has launched a plan to start offering Bitcoin futures in December. JPMorgan Chase & Co., the nation’s largest bank, has been considering helping its customers. Bet on Bitcoin through the proposed futures contract.

The rising heat of Bitcoin is forcing Wall Street banks to balance the interests of speculative customers into money with skepticism from money managers about the future of the asset. JPMorgan Chase & Co. Managing Director – Jamie Dimon is one of the famous pessimists for Bitcoin. Before that time, he called Bitcoin a scam and insulted the buyer as “stupid.” Meanwhile, his chief financial officer, Marianne Lake, has a higher rating. The company is still “open” with the potential to use the digital money, as long as they are properly adjusted, she said last month.

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