A warning about bitcoin's wild price swings

10 December, 2017, 04:49 | Author: Franklin Nunez
  • Bitcoin climbs past $14000 as demand continues to skyrocket

Bitcoin soared above $US19,500 a coin on Coinbase's GDAX exchange on Thursday at about 11:30 a.m. ET, three hours after it blew past $US16,000.

Interest and demand were so high yesterday that Coinbase had to suspend service and transactions at one point.

Bitcoin rocketed above $19,000 for the first time on Thursday before falling sharply from its record high.

The coins are computer code digitally signed each time they are traded. According to Peter Brandt, a commodities traders, users who bought Bitcoin through Coinbase may have paid more than $2,000 more than what the actual price for the currency was.

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"It goes without saying that prices have reached a level where sentiment is exhibiting short-term euphoria", said Mark Newton, managing member at Newton Advisors, in a note to clients. We've heard the fraud claims.

Despite its wild ride, bitcoin now has a market value of more than $270 billion, meaning it would rank among the 20 largest stocks in the S&P 500.

Between 5 and 6 a.m. It suffered from one of those outages Thursday while the price of Bitcoin was rising, with many visitors receiving an "Error 502" message. For example, New York-based Gemini had temporarily suspended both bitcoin and ether withdraws this morning because the odds of a transaction actually processing were so low.

Coinbase, the popular wallet app that facilities the usage of cryptocurrencies like Bitcoin, Litecoin and Ethereum, has skyrocketed up the iOS app charts this week.

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At the time of writing Bitcoin is fetching US$16,875 according to Coinbase. The Tokyo-based digital currency exchange is the largest in the world by trading volume and announced last week it received a "BitLicense" to operate in NY.

Many still see more hype than hope in bitcoin.

Coinbase isn't the only cryptocurrency to have collapsed under pressure at the last minute.

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