Bitcoin surges above $14,000 to new high | 2017-12-07 |

Bitcoin surges above $14,000 to new high

Sun Online Desk

7th December, 2017 09:49:02 printer

Bitcoin surges above $14,000 to new high


Bitcoin crossed $14,000 (£10,460; €11,870) on Thursday, surging $2,000 in less than 24 hours.


The cryptocurrency began the year below $1,000 but continues its sharp rise despite warnings of a dangerous bubble.


Bitcoin hit the latest milestone during early trading in Asia, according to the website


The new record high comes just days before the launch of  bitcoin futures on two exchanges, including the world's largest futures exchange, CME, reports BBC.


Spread betting firm CMC Markets said the rise had all the symptoms of a bubble market, warning "there is no way to know when the bubble will burst".


What is Bitcoin?


There are two key traits of Bitcoin: it is digital and it is seen as an alternative currency.


Unlike the notes or coins in your pocket, it largely exists online.


Secondly, Bitcoin is not printed by governments or traditional banks.


A small but growing number of businesses, including Expedia and Microsoft, accept bitcoins - which work like virtual tokens.


However, the vast majority of users now buy and sell them as a financial investm