Worldwide

Bitcoin Climbs To $12000 For First Time

The bitcoin offshoot, bitcoin cash, traded slightly lower near $1,470, while digital currency ethereumalso traded slightly lower near $446, according to CoinMarketCap. A few hours earlier, bitcoin had hit an all-time high of $12,798.78. The current trading volume during this period is just over $9.7 billion and with a market cap of over $217 billion, Bitcoin is now worth more than 97% of S&P 500 companies, including Visa, Walmart, Coca Cola, Disney, and IBM.

A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017.

Jamie Dimon, CEO of JPMorgan Chase considered bitcoin as "fraud" and, called people investing in it as "stupid".

"This is a toxic concept for investors", Roach told CNBC. "This is a risky speculative bubble by any shadow or stretch of the imagination".

Major exchanges, such as the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE), outlined that they would introduce futures contracts in their exchanges. In a week's time, the exchange rate for the cryptocurrency has grown over 20 percent.

Many experts have raised their targets for 2018 after noticing the exponential rise.

Bitcoin's price increase comes despite repeated warnings from professional traders, many of whom have publicly denounced cryptocurrencies as risky and speculative. This latest price surge comes at a watershed moment in Bitcoin's history, as it is seeing a marked increase in both interest and acceptance, especially in the financial sector.



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