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6 December 2017
 |
| Bitcoin surge (The Total Investment & Insurance Solutions) |
Bitcoin
ploughed past $15,000 to a fresh record on Thursday, triggering a warning the
cryptocurrency was "like a charging train with no brakes" and
prompting fresh concern about its looming launch on mainstream markets.
It
struck a new high of $15,075 in European trading hours, according to Bloomberg
News. The Total Investment &
Insurance Solutions
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, while it has soared more than 50 percent in value in just one week.
Bitcoin
-- which came into being in 2009 as a bit of encrypted software and has no
central bank backing it and no legal exchange rate -- 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. The Total Investment
& Insurance Solutions
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."There are mounting concerns about its introduction into the
mainstream financial system after US regulator the Commodity Futures Trading
Commission last week cleared the way for bitcoin futures to trade on major
exchanges, a decision which analysts say has helped spur the recent rally.
Bitcoin
is to be offered on the CBOE Futures Exchange from this weekend and on the
world`s biggest futures venue, the Chicago Mercantile Exchange (CME), from
December 18. The Total Investment &
Insurance Solutions
The
Futures Industry Association, which groups some of the world`s biggest
derivatives brokerages, criticised the plans in a letter to the regulator,
saying that contracts are being rushed through without the risks being properly
weighed up.
"A
more thorough and considered process would have allowed for a robust public
discussion among clearing member firms, exchanges and clearing houses,"
said the association.
Transactions
happen when heavily encrypted codes are passed across a computer network. The Total Investment & Insurance
Solutions
The
NiceHash marketplace was meanwhile on Thursday investigating a security breach
resulting in the theft of bitcoin.
"Clearly,
this is a matter of deep concern and we are working hard to rectify the matter
in the coming days," NiceHash said in a statement.
"In
addition to undertaking our own investigation, the incident has been reported
to the relevant authorities and law enforcement and we are co-operating with
them as a matter of urgency." The
Total Investment & Insurance Solutions
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. The Total Investment &
Insurance Solutions
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. The Total Investment &
Insurance Solutions
Bitcoin`s
use on the underground Silk Road website, where users could use it to buy drugs
and guns, also raised suspicions about the virtual money.The Total Investment & Insurance
Solutions
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