Bitcoin crosses $10,000 milestone

Chennai, November 29: The price of the world’s largest cryptocurrency, bitcoin has gone past $10,000 mark for the first time ever. At the time of reporting, bitcoin was trading at $ 10,738. The virtual currency reached the benchmark for the first time, just days after it passed $ 9,000. Bitcoin has surged over 1000% year-to-date, rising from less than $1,000 at the start of 2017.

The market cap for the crypto currency also reached a historic high of USD 168 billion, according to the Coindesk Bitcoin Price Index.

The crypto currency traded at an all-time high of $10,831.75 just after 12:30 a.m. ET, according to industry site CoinDesk. That represented a more than 10 percent jump from its price around $9,830 just 24 hours earlier.

Former Fortress hedge fund manager Michael Novogratz predicted on CNBC’s “Fast Money” in October that bitcoin would reach $10,000 in the next six to 10 months. As bitcoin rose above $9,700 Monday, Novogratz said in another “Fast Money” segment that bitcoin could “easily” be at $40,000 at the end of 2018.

However, other market watchers remain highly critical of bitcoin. JPMorgan Chase CEO Jamie Dimon has called the digital currency a “fraud” and BlackRock CEO Larry Fink has said bitcoin is an “index of money laundering.” Aswath Damodaran, a professor of corporate finance and valuation at New York University’s Stern School of Business, has also noted that unless bitcoin can be used for ordinary transactions, “it could be just another fad.”

 

Edited by Navaneeth Chitradurga, with Agency inputs.