Bitcoin surges to $10,000

01/12/2017 11:01

A single Bitcoin coin hit $10,000 (£7,495) for the first time, this highest surge has doubled since October, where it hit $5,000 (£3,750). It traded at $10,009 on the CEX exchange on the 21st of November, however, did drop back down

Over the period of 2017, the digital currency has risen by 1,000% in value and is continuing to gain popularity and investors.

Though it’s feared that these investments are being driven by those who feel they’re missing out, and not those who know their way around the currency or who are making intelligent investments.

There is evidence to suggest that people are interested in Bitcoins value, and not to actually use the currency for purchases, as the number of transactions hasn’t risen as much as Bitcoin’s actual worth.

Despite volatility prompting severe drops at times, Bitcoin has gained serious interest from financial institutions, with CME Group announcing its plans to launch a futures market in Bitcoin by the end of the year. Onlookers have suggested that CME's entry into Bitcoin could lure in more cautious investors.

Bitcoin has experienced drops at times due to panic spread e.g. China announcing scares of a shutdown. Despite this, it has gained genuine interest from financial corporations, with CME Group releasing their plans to launch a futures market in Bitcoin December 2017.

Assistant professor at SUNY Cortland in New York Sebastian Purcell has stated that it is his belief that CME's futures market would boost Bitcoin's price but could mean the end “Bitcoin mania".

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