Bitcoin fell Wednesday from the record highs of yesterday, while Bitcoin futures are also down due to low volumes on the Cboe Futures Exchange.
On the Bitfinex exchange based in the United States, Bitcoin was at $ 16,649.00 at 6:03 am ET (11:03 GMT).
On Tuesday, prices hit a record high of $ 17,500, extending their gains for the year after starting the year at around $ 1,000.
Bitcoin futures slid more than 1.5% to $ 17,780. The contract had risen nearly 20% in its debut Monday, but trading volumes have since declined.
Largest Exchange CME Group (NASDAQ: CME) will begin initial lists of bitcoin futures on December 18.
Bitcoin enthusiasts hope that the launch of bitcoin derivatives will allow institutional investors to invest in the digital currency trend, helping to make bitcoin a legitimate asset class and pave the way for an exchange-traded fund .
Elsewhere in the cryptocurrency business, Bitcoin Cash was at $ 1557, while Bitcoin Gold was at $ 274.11.
Ethereum, the second-largest market-cap currency cryptocurrency after bitcoin, was $ 664.93.
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Bitcoin not sustainable
Why would you say that?
Because the growth is exponential. Also the energy required for mining is growing exponentially. Something that grows exponentially (be it bacteria, bitcoin, human population, or something else) can not grow forever.
I believe POW (Proof of Work) algorithms will be replaced in the future with much much more sustainable POS (Proof of Stake). However Bitcoin must crash before that (just a matter of time).
If institutional investors will jump on BTC futures this will most likely be a short sell of BTC and not too positive for the short term. Having said that all bull runs need some rebound time to look for solid support before continuing the bull run. This seems to be happening in BTC at the moment, there are as of yet no indications that there will be a very big dump.