Bitcoin defies bubble fears and smashes RM48,900, hits new record

Bitcoin defies bubble fears and smashes RM48,900, hits new record

Bitcoin, the red-hot cryptocurrency, continued its jaw-dropping tear Wednesday, soaring above $13,000 per coin for the first time.

Bitcoin's recent price Just before a Coindesk article went to press the price of bitcoin peaked at an astonishing $12,798 well on its way to another thousand dollar leap from $12,000 to $13,000. And by 6:36 a.m. ET Wednesday, the scorching-hot cryptocurrency was trading up 8.87% against the USA dollar at $12,768 a coin.

Bitcoin futures and other derivatives would make it easier for more investors and speculators to trade the new asset class. We also have reports that say that some of the exchanges in Japan are also looking into launching futures trading quite soon.

The latest price record comes just a couple of days after Cboe Global Markets announced that it would launch Bitcoin futures on its Cboe Futures Exchange platform this Sunday, just over a week ahead of its local rival CME Group. "To achieve that, we will launch this working group to study various aspects, including bitcoin's present status, its outlook, and what form it will take root in Japan's society". Bitcoin futures, which will allow investors to bet on the future price of the digital coin, are a sign of the eight-year-old coin's maturation. In fact, we believe that the bitcoin prices could quite possibly break through the $15,000 region by the end of the month.

As for how much room bitcoin has to run, some clients of investment bank Goldman Sachs appear bullish.

Bitcoin has surpassed the RM48,900 mark today as it gears up to take its place on mainstream markets.

Opinion on the price trajectory was divided, but the biggest minority - 30% - answered "Higher [12,000 - 15,000]".