GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Bitcoin Chalks up New Record as it Charges Past $14,000

Bitcoin -- which came into being in 2009 as a bit of encrypted software and has no central bank backing it -- has risen from a 2017 low of $752 in mid-January, and surged dramatically in the past month.

AFP

Updated:December 7, 2017, 1:47 PM IST
facebookTwittergoogleskypewhatsapp
Bitcoin Chalks up New Record as it Charges Past $14,000
Image for representational purposes. (Reuters)
Singapore: Bitcoin ploughed past $14,000 to a fresh record on Thursday as investors continued to pile in, triggering a warning the cryptocurrency was "like a charging train with no brakes" that would inevitably slip back.

It touched a new high of $14,485 before slipping back to $14,398 in Asian afternoon trade, 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 as a bit of encrypted software and has no central bank backing it -- has risen from a 2017 low of $752 in mid-January, and surged dramatically in the past month.

The increased interest has been driven by growing acceptance among traditional investors of an innovation once considered the preserve of computer nerds and financial experts.

US regulators last week cleared the way for Bitcoin futures to trade on major exchanges, including the world's biggest futures centre the Chicago Mercantile Exchange (CME).

But some, including the US Federal Reserve, have warned against dabbling in Bitcoin as it could threaten financial stability, and fears of a bubble have increased as the price has soared.

"Bitcoin now seems like a charging train with no brakes," said Shane Chanel, from Sydney-based ASR Wealth Advisers. "There is an unfathomable amount of new participants piling into the cryptocurrency market."

But he warned: "Once the hype slows down, we will most certainly see some sort of correction."

Chris Weston, chief market strategist at IG, also predicted "downside moves" in future.

"When the price does turn and there is confusion, even panic.... then watch the short sellers come out in droves," he said.

Transactions happen when heavily encrypted codes are passed across a computer network.

Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers.

But it has also suffered controversies. In 2014 major Tokyo-based Bitcoin exchange MtGox collapsed after admitting that 850,000 coins -- worth around $480 million at the time -- had disappeared from its vaults.

Also Watch

Read full article
Most Active
Company Price Change %Gain
Reliance 1,019.25 +23.20 +2.33
ICICI Bank 293.20 +0.40 +0.14
TCS 1,822.45 -2.05 -0.11
Cipla 602.85 +1.00 +0.17
HDFC Bank 2,056.15 +32.65 +1.61
Company Price Change %Gain
HDFC 1,849.50 +22.80 +1.25
Ambuja Cements 197.40 -2.60 -1.30
Power Grid Corp 199.50 +1.15 +0.58
HDFC Bank 2,055.70 +30.30 +1.50
TCS 1,826.30 +0.45 +0.02
Top Gainers
Company Price Change %Gain
Reliance 1,019.25 +23.20 +2.33
Vedanta 228.70 +4.40 +1.96
IndusInd Bank 1,967.40 +35.90 +1.86
Kotak Mahindra 1,324.60 +21.35 +1.64
HDFC Bank 2,056.15 +32.65 +1.61
Company Price Change %Gain
Reliance 1,019.95 +24.30 +2.44
IndusInd Bank 1,974.00 +43.75 +2.27
Yes Bank 335.90 +5.50 +1.66
Kotak Mahindra 1,327.75 +20.60 +1.58
Tata Steel 563.30 +8.45 +1.52
Top Losers
Company Price Change %Gain
UPL 652.25 -21.85 -3.24
IOC 165.40 -3.20 -1.90
HPCL 307.90 -5.10 -1.63
ONGC 162.75 -2.05 -1.24
Dr Reddys Labs 2,367.75 -25.25 -1.06
Company Price Change %Gain
ONGC 162.80 -2.05 -1.24
Dr Reddys Labs 2,369.05 -25.65 -1.07
Coal India 270.60 -2.50 -0.92
ITC 263.75 -2.40 -0.90
Wipro 259.80 -1.85 -0.71