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Bitcoin

Six reasons why you should not invest in Bitcoin, according to experts

“Forget about investing in any venture when the Bitcoin is here with surging profit on the cards.” This is how people are reacting with surging demand of the cryptocurrency. But is it really safe venture into this mysterious digital currency? Let’s explore what experts have to say. Bitcoin is a virtual currency created from computer code. Unlike a real-world unit such as the US dollar or euro, it has no central bank and is not backed by any government. Instead, Bitcoin's community of users control and regulate it.…

New milestone: Bitcoin blows past $14,000… what’s next?

SINGAPORE: Bitcoin hit a fresh record of $14,000 Thursday as investors piled in, triggering a warning the cryptocurrency was "like a charging train with no brakes" which would inevitably slip back. It touched a new a high of $14,400 in Asian trade before slipping back to $13,900, according to Bloomberg News. The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to a pint of beer, hit the $12,000 mark for the first time. Bitcoin -- which came into being in 2009…

$12,000 and rising: Bitcoin’s price soars to all-time high

TOKYO: Bitcoin extended its eye-popping rally on Wednesday, breaking above $12,000 to a record high despite questions about the cryptocurrency’s real value and worries about a dangerous bubble. Bitcoin received a boost after Friday’s announcement by the main U.S. derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts. The move opens the door to added regulation but also more mainstream adoption, as bitcoin futures and other derivatives would make it easier to…

It’s no joke – Bitcoin’s price is now $11,000

NEW YORK: Bitcoin surged above $11,000 for the first time on Wednesday as it extends a stratospheric rise that has delighted investors but sparked fears of a bubble. The virtual currency achieved its first landmark of a historic day early in the Asian trading session, breaching $10,000 for the first time, according to Bloomberg News figures. The surged continued and it got as high as $11,434 before tumbling to $9,643 near 1930 GMT, a drop of 15 percent in just a few hours. The cryptocurrency started the year at just…

Bubble or brave new world? Bitcoin breaks $10,000 barrier

SINGAPORE: Bitcoin broke through the $10,000 barrier for the first time on Wednesday as it extends a stratospheric rise that has delighted investors but sparked fears of a bubble. The virtual currency hit a high of $10,903 in Asia, according to Bloomberg News, about 14 times its value at the start of the year. The breakthrough is the latest in a spectacular run for the online money dubbed "digital gold" by its advocates, which began life in 2009 as a bit of encrypted software supposedly written by an unknown coder with…

$10,000 in sight for bitcoin as it rockets to new record high

LONDON: Bitcoin’s vertiginous ascent showed no signs of stopping on Monday, with the cryptocurrency soaring to another record high just a few percent away from $10,000 after gaining more than a fifth in value over the past three days alone. The digital currency has seen an eye-watering tenfold increase in its value since the start of the year, and has more than doubled in value since the beginning of October. It surged 4.5 percent on the day on Monday to trade at $9,687 on the Luxembourg-based Bitstamp exchange.…

Bitcoin, an ‘Uber’ currency, not without risk

Bitcoin, which this week soared to a new record high of more than $8,000, is the monetary equivalent of Uber, since it bypasses central bank regulation and could be attractive for financially fragile countries, economists say. Nevertheless, it is precisely the lack of oversight that opens up the users of cryptocurrencies such as bitcoin to risks and dangers, analysts warn. "Bitcoin? It's about 'Uber-ising' currency, about not having a central bank that decides the price," said Ludovic Subran, chief economist at credit…

Swiss bank to launch bitcoin futures to allow betting against cryptocurrency

ZURICH: Swiss bank Vontobel said it will start trading Switzerland’s first two mini futures to short bitcoin on Friday, giving investors a tool to bet against the value of the volatile cryptocurrency or to hedge bitcoin positions. The launch of the two mini futures on the Swiss stock exchange by the country’s second-biggest provider of structured products comes after CME Group Inc, the world’s largest derivatives exchange operator, said it will launch a futures contract for bitcoin later this year. When the value of…

Bitcoin slides by over $1,000 in less than 48 hours

LONDON: Bitcoin dropped below $7,000 on Friday to trade more than $1,000 down from an all-time high hit on Wednesday, as some traders dumped it for a clone called Bitcoin Cash, sending its value up around a third. Bitcoin has been on a tear in recent months, with a vertiginous sevenfold increase in value since the start of the year that has led to many warnings the bitcoin market - now worth well over $100 billion - has become a bubble that is about to burst. It reached a record high of $7,888 around 1800 GMT on…

Bitcoin blasts to new all-time high of $6,450

LONDON: Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the world’s largest derivatives exchange operator said on Tuesday it would launch bitcoin futures. He said it would provide a regulated trading venue for the cryptocurrency market and would launch the new derivatives in the fourth quarter of 2017. Bitcoin has had a bumper year with a more than sixfold increase in price, and has more than doubled in price since…