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Bitcoin price breaks through $16,000 high mark

Bitcoin price breaks through $16,000 high mark

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.

Meanwhile, Bitcoin was heading to $20,000 in South Korean markets on Bithumb and Coinone as of this writing, trading at above $17.136.95 and $18,700 respectively. These markets are highly volatile.

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.

Related Coverage: Bitcoin crosses $14000 and getting closer to $15000

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.

Author

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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