NEWS HOUR 4th Dec – 10th Dec 2017
Weekly News Magazine
In This Issue
THE PHENOMENAL STORY OF BITCOIN Report by - Vishrut Trivedi
The cryptocurrency has crossed its own benchmark, as it rallied more than $3000 in a day with its price more than doubling in 10 days. The latest rally comes on expectations that new bitcoin derivatives will boost the demand. This early speculation has raised its market value so much that it's now in the top 12 U.S. companies on the S&P500 stock index. Bitcoin today briefly crossed the $17,000 mark in volatile Asian trading, extending its record-breaking run. In an Asian session, the digital currency attained new benchmark before falling back around $15,000 level. The cryptocurrency has soared around 70% in the last five trading days and close to 100% in last seven days. In fact, on the Coinbase Exchange, bitcoin had rocketed above $19,000 on 7th December. The digital currency hit a high of $19,340 on that platform before notching a huge decrease. This tremendous growth seems phenomenal as bitcoin started with $1000 this year. The latest swing higher as bitcoin topped $12,000 on Dec. 5 in rapid recovery from 20% drop last week. Meanwhile, the launch of bitcoin futures trading on two reputed, regulated and liquid exchanges, CBOE (Chicago Board Options Exchange and CME (Chicago Mercantile Exchange), is creating a flutter in the financial markets. This launch will open the doors for institutional and retail investors who want exposure to bitcoin but for various reasons, such as aversion to risky and complex exchanges and wallets, can't trade actual bitcoin.
The cryptocurrency has soared around 70% in the last five trading days
Bitcoin hit a high of $19340 on Coinbase Exchange
Bitcoin futures trading to be launched in CME and CBOE