Is Bitcoin’s Bubble About To Burst?
Helen Rush | Nov 27, 2017 11:20AM ET
Fasten your seat belt because this week there will be something interesting, including the OPEC meeting and US and Eurozone inflation data.
Meanwhile, all the majors are keeping their ranges. The only exception is Bitcoin, which has climbed to the new record highs. The currency skyrocketed to $9500 on the news that one of South Korea’s largest commercial banks Shinhan (NYSE:SHG) is testing a virtual Bitcoin vault that is expected to be offered to clients in mid 2018.
Since the beginning of this year, the cryptocurrency has added more than 900%. Of course compared to Etherium’s +5000% is just nothing, but anyways. On Monday morning, Bitcoin peeped above the $9500 mark. We can see all the signs of a market bubble.
Of course, it may take a while for this bubble to burst. It may take a while before the market starts panicking and breaks into a run. What we see now is a growing popularity of the digital money, let’s say ‘crypto boom.’ So it will likely continue scrambling to the upside. The test of $10,000 is not ruled out and we may see it this week.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.