Bitcoin remains close to record highs on Wednesday after rising above $ 8,000 for the first time in nine years on Monday, fueling worries about an asset bubble.
On the Bitfinex stock exchange based in the United States, Bitcoin was at $ 8,270.90 at 08:05 AM ET (01:05 PM GMT).
On Tuesday, he touched $ 8,310.20, a high since his inception nine years ago, before losing more than $ 400 after a $ 31 million flight of cryptocurrency revived market anxiety.
Bitcoin, which is known for its strong fluctuations, tends to bounce back quickly.
Bitcoin has grown more than 700% this year, with three separate corrections of more than 25%, all of which have given way to subsequent rallies. At current prices, bitcoin has a total market capitalization of approximately $ 137 billion.
Recent volatility came from a slight rise in investors who turned to alternative cryptocurrencies, including Bitcoin Cash, which pushed it to record highs.
But bitcoin is still rarely used to buy goods or services, making it a speculative vehicle.
{{0 | JPMorgan Chase}} CEO Jamie Dimon recently called Bitcoin a "fraud" and UBS described Bitcoin as a "speculative bubble" in a recent note to investors.
Prices have been boosted by a recent proliferation of initial coin offerings, in which start-ups create a new virtual coin or token and offer it for public sale.
On the Bitfinex stock exchange based in the United States, Bitcoin was at $ 8,270.90 at 08:05 AM ET (01:05 PM GMT).
On Tuesday, he touched $ 8,310.20, a high since his inception nine years ago, before losing more than $ 400 after a $ 31 million flight of cryptocurrency revived market anxiety.
Bitcoin, which is known for its strong fluctuations, tends to bounce back quickly.
Bitcoin has grown more than 700% this year, with three separate corrections of more than 25%, all of which have given way to subsequent rallies. At current prices, bitcoin has a total market capitalization of approximately $ 137 billion.
Recent volatility came from a slight rise in investors who turned to alternative cryptocurrencies, including Bitcoin Cash, which pushed it to record highs.
But bitcoin is still rarely used to buy goods or services, making it a speculative vehicle.
{{0 | JPMorgan Chase}} CEO Jamie Dimon recently called Bitcoin a "fraud" and UBS described Bitcoin as a "speculative bubble" in a recent note to investors.
Prices have been boosted by a recent proliferation of initial coin offerings, in which start-ups create a new virtual coin or token and offer it for public sale.
According to Coindesk data, there were more than 160 ICOs this year, totaling more than $ 3 billion.
The upsurge in unregulated symbolic sales has prompted a recent warning from Securities and Exchange Commission Chairman Jay Clayton that many offers are susceptible to manipulation or fraud.
The CME Group (NASDAQ: CME), the world's largest derivatives exchange operator, announced this month its intention to launch bitcoin futures later in the year, pending regulatory approvals.
On Monday, CME announced on its website that Bitcoin futures will begin trading on December 10, pending regulatory reviews.
Elsewhere, Bitcoin Cash is at $ 1,180.30, up 0.78% while Bitcoin Gold drops 5.7% to $ 234.50.
Ethereum, the second largest market capitalization cryptocurrency advance by 1.16% to $ 364.00.
The upsurge in unregulated symbolic sales has prompted a recent warning from Securities and Exchange Commission Chairman Jay Clayton that many offers are susceptible to manipulation or fraud.
The CME Group (NASDAQ: CME), the world's largest derivatives exchange operator, announced this month its intention to launch bitcoin futures later in the year, pending regulatory approvals.
On Monday, CME announced on its website that Bitcoin futures will begin trading on December 10, pending regulatory reviews.
Elsewhere, Bitcoin Cash is at $ 1,180.30, up 0.78% while Bitcoin Gold drops 5.7% to $ 234.50.
Ethereum, the second largest market capitalization cryptocurrency advance by 1.16% to $ 364.00.
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