Bitcoin price crossed the $15,000 mark on Thursday after it rose by more than $2,000 in just than 12 hours.At the press time, bitcoin was trading at $16,004.50 on CoinMarketcap. After crossing the $16,000 line Friday shortly after 10.00 UTC.
The coin gained more than 12 percent yesterday alone and market-watchers speculate that the price could be responding before the upcoming launch of the Bitcoin futures product by CBOE this weekend.
Hedge funds and algorithm-driven funds will use the products to enter Bitcoin markets. CME will also launch its products on December 17. Many directly interpret that the events will push demand higher. Although that may not be the most direct result, with some people saying it will have minimal effects.
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Founder of cryptocurrency data analysis firm Cryptocompare Charles Hayter says the demand would go up because the introduction of the products is a sign of stamping of cryptocurrencies as a whole. Many have raised this point before.
Think Markets analyst Naeem Aslam think it could result in more volatility. He says the products could lead to “high levels of liquidity for aggressive short-selling and knock the prices really low.”
Bitcoin price has more than tripled since October. Also surged by more than $8000 since the start of this year.