Bitcoin Rose Back to More Than $11,000

For the first time since Wednesday, the day that the cryptocurrency first went over the mark, Bitcoin rose back to more than $11,000.

Following the stunning mid-week streak of bitcoin, in which it broke through both the $10,000 and the $11,000 mark in rapid succession, the volatile asset just as quickly plunged back down to around $9,500.

Bitcoin was not able to gather momentum from that point until yesterday when the regulator of the United States gave exchanges the go signal to launch bitcoin futures contracts.

The Commodity Futures Trading Commission (CFTC) said that the Cboe Global Markets and CME Group had decided to put “significant enhancements” in place in order to protect customers as it cautioned investors to be aware of the “potentially high level of volatility and risk” in trading bitcoin.

The initial listing of CME’ will go live on the 18th of December while Cboe is yet to announce a date.

This morning, Bitcoin reached as high as $11,156. However, at the time of writing, it had shifted back down. According to Coindesk’s index, the cryptocurrency was down by 0.72 percent at $10,781.26.

The latest rocketing of the price of bitcoin had led a number of analysts to call it a speculative bubble.

A research analyst at FXTM, Lukman Otunuga, stated: “With everyone’s favourite cryptocurrency having no intrinsic value and being inherently unstable, there are growing concerns over this just being another massive speculative bubble.

“Taking a peek at the technical picture, the $10,000 psychological level seems quite significant. A yearly close above this level could signal further upside; alternatively sustained weakness under $10,000 may spark jitters resulting in a decline back towards $9,000.”