Bitcoin rebounds to $10,500

Published: December 3, 2017
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A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. PHOTO: REUTERS

A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. PHOTO: REUTERS

LONDON: Bitcoin rebounded on Friday to hit the day’s highs above $10,500, recovering from an earlier dip below $9,500, after the US derivatives regulator said it would allow CME Group (CME.O) and CBOE Global Markets (CBOE.O) to list bitcoin futures.

The announcement by the Commodity Futures Trading Commission (CFTC) paves the way for CME and CBOE to become the first traditional US regulated exchanges to launch trading in bitcoin-related financial contracts, a watershed moment for the cryptocurrency that could lead to greater regulatory scrutiny.

Cryptocurrencies are now valued over $200 billion

Bitcoin, which had been trading at around $10,150 on the Luxembourg-based Bitstamp exchange BTC=BTSP before the news, jumped to as high as $10,513 in the 20 minutes that followed, leaving it up more than 5% on the day. It has been a volatile week for the biggest and best-known cryptocurrency.

On Wednesday, bitcoin smashed through $10,000 before rocketing past $11,000 less than 12 hours later to an all-time-high of $11,395, and then plunging around 20% in the hours that followed.

Published in The Express Tribune, December 3rd, 2017.

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