Ethereum, Ripple Prices Push Crypto MarketCap to Historic Milestone

Cryptocurrencies achieved another historic milestone this week, as their combined market caps leaped above the $500 billion mark on the heels of an altcoin rally led by the ethereum and ripple prices. Cryptocurrencies Now Worth Half a Trillion Dollars The cryptocurrency market cap had begun the day at $467 billion, and it seemed unlikely that it would reach the $500 billion mark this quickly — especially considering that bitcoin ended the day trading sideways. However, fueled by an altcoin surge, the crypto market cap leaped above the $500 billion barrier…

South Korean Government Holds Emergency Meeting to Discuss Bitcoin

The South Korean government held an emergency meeting to evaluate the state of the local cryptocurrency exchange market and trading of digital currencies. A South Korean central bank official stated that the government plans to introduce various regulatory measures on Friday, December 13, with urgency given the recent rise in demand for bitcoin and other cryptocurrencies from the traditional finance sector. Immediately after the announcement from the South Korean central bank official, the stocks of cryptocurrency exchange holding companies reportedly slumped, in the range of 4 to 8 percent. Regulations…

Bitcoin Price Hits All-Time High as Futures See Second-Day Slump in Volume

The bitcoin price achieved a new all-time high on Tuesday, even as CBOE processed lower volumes of bitcoin futures during the second full day of trading. Bitcoin Price Hits New All-Time High Tuesday was a record-setting day for the cryptocurrency markets. Both litecoin and ethereum exploded to new all-time highs, and the total cryptocurrency market cap raced to within $10 billion of the $500 billion mark. The bitcoin price, meanwhile, remained relatively calm during the early morning hours, but it began to break out in the early afternoon. On Bitfinex,…

CBOE Bitcoin Futures Trade Near $18,000; ‘Speculative Mania’ Carries Volume Past 3,400 XBT

CBOE’s bitcoin futures continue to trade near $18,000 as “speculative mania” prevented bears from immediately shorting the market. CBOE Bitcoin Futures Launch: Afternoon Update As CCN reported, CBOE launched its hotly-anticipated bitcoin futures contracts on Sunday, becoming the first regulated U.S. exchange to provide traders and investors with access to this product. Though volume was much lower than activity on bitcoin exchanges — in part due to the fact that many brokers restricted client access — a CBOE executive noted that its volume was quite respectable when placed in the…

Bitcoin Price Headed for $100,000, Says Trader Who Called Q4 Rally

A Hong Kong trader who successfully forecast the bitcoin price’s dramatic year-end ascent believes that the flagship cryptocurrency’s rally is far from over. Dave Chapman, managing director of cryptocurrency trading firm Octagon Strategy, told CNBC’s “Squawk Box” that many analysts scoffed at him when he predicted the bitcoin price would more than double in the fourth quarter and reach $10,000 before the end of the year. “I was quoted back in August when bitcoin was trading at around $4,000 that we would have a five figure headline by the end…

Bitcoin Price, Crypto Markets Trade Up After Cboe Futures Launch

The bitcoin price climbed nearly 20 percent in the hours following the launch of the bitcoin futures on U.S. derivatives exchange Cboe. The positive movement rippled throughout the markets, enabling the combined value of all cryptocurrencies to post a 13 percent increase. Source: CoinMarketCap Already on an incline, the cryptocurrency market cap had entered the day at $390.7 billion. It continued to rise throughout the day and eventually leveled out at $442.8 billion, placing the cryptocurrency ecosystem within striking distance of surpassing the total valuation of multinational holding company Berkshire…

Bitcoin Price Surges 20% Overnight as CBOE Futures Skyrockets

The bitcoin price has surged by more than 20 percent overnight, triggered by the launch of the Chicago Board Options Exchange (CBOE) bitcoin futures trading platform. According to cryptocurrency market data provider CryptoCompare, the bitcoin price increased from $13,400 to $16,315 within the past 24 hours. Major Factor: Bitcoin Futures Contrary to the claims of several analysts, the listing of bitcoin futures by CBOE, the global finance market’s largest options exchange, has been a driving factor behind the recent bitcoin price suge. Many investors in the market expect the price…

Bitcoin Breaks CBOE as Futures Up 20% Hours After Launch

Within three hours after its listing of bitcoin futures, the website and online trading platform of the Chicago Board Options Exchange (CBOE) were inaccessible, due to an unexpected spike in demand and volume. According to Tokyo-based technology journalist Yuji Nakamura, CBOE bitcoin futures processed $401,600 worth of trades within the first 20 minutes. Only the Beginning, Billions Expected to Flow Into Bitcoin Market Upon its debut earlier this year, the US Commodities and Futures Trading Commission (CFTC)-approved bitcoin derivatives, futures, and options exchange LedgerX announced that it had settled $1…

Rising Transaction Costs Could Trigger a Bitcoin Price Crash: CME Economist

A CME Group economist believes that rising transaction costs could cause a bitcoin price crash. Erik Norland, an executive director and senior economist at U.S. derivatives exchange operator CME Group, published an article theorizing that the rising cost of bitcoin transactions could be an early indicator of an impending bitcoin price crash. The average transaction cost is calculated by dividing miner revenue — which includes both transaction fees and block rewards — by the number of transactions made across the network. Though similarly named, it’s important to note that the…

Bitcoin and the Quantity Theory of Money – Why Bitcoin is Undervalued

If you were awake in your college economics class you might recall Milton Friedman’s classic theory: The quantity theory of money.  Essentially, Friedman argued that the general price level is directly proportional to the amount of money in circulation  We can apply Friedmans logic to bitcoin and use it as a starting point for valuation. The root of understanding the quantity theory of money is the equation of exchange,  MV=PQ. Ok, what does the formula mean again? MV=PQ.   M= The stock of money.  How much money is out there…