Bitcoin Breaches $10,000 Ceiling
On Tuesday, November 28, the Bitcoin trading price hit $10,000 for the first time further proving that price ceilings for Bitcoin are imaginary. With this, "pretty" round number comes the psychological effect that will bring in new traders. At first, it was the $2000 dollar ceiling, the $4000 and now some analysts are predicting prices as high as $50,000 and even 1 million.
Although these are just estimates, the important part is that Bitcoin is continuing to grow despite the obstacles it has encountered. Bitcoin has proved itself through government regulations and doubts further strengthening the confidence of traders. The question that traders are now asking is how bitcoin will perform in the coming months. at the moment bitcoin is now selling for more than 10 times the price at the beginning of 2017 and if this is any indication of what’s to come, it could be a great investment.
The big question for traders now is CME Group’s decision to offer Bitcoin Futures to its customers beginning next month. Futures trading is seen by traditional investors to be a critical step in making Bitcoin more legitimate and appeal to a wider audience. Bitcoin futures will allow people to speculate on Bitcoin without actually buying any bitcoins. This limits their exposure and the risk of having their bitcoins stolen adding security. this again appeals to investors that may be wary of the current state of the bitcoin market. with uncertainty in the world as well as the bitcoin market, we will just have to see how things play out and watch carefully in order to cash in on the situation at hand.
Bitcoin ------Like a train without brakes.
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