Bitcoin Soars To Record High $4,600

Tyler Durden's picture

The prices of Bitcoin has exploded overnight, surging over 6% to a new record high above $4600 as demand from South Korea and Japan spurred more safe haven buying as gold and Treasury bond prices rose following North Korea's most provocative missile launch yet.

Heavy volume taking Bitcoin higher...

 

We note that the big volume spike in Bitcoin struck as US equity markets opened and panic-buyer bid tech stocks...

 

The cryptocurrency landscape is a little more mixed but Ether is gaining...

 

This mornig's rally has pushed the cryptocurrency market cap over $160 billion for the first time.

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Azannoth's picture

Damn I am gonna be kicking my self if this goes to 10,000 ......NOT!

ssgredux's picture

Lotta smart people on ZH, so, I'm surprised that most don't get the "why" and "how" with BTC.  Either going to $0 or $100,000.  We'll see which hits first. Sad I only have a limited # of coins (BTC/LTC/ETH), but, looking better every day.

Greenspazm's picture

All you have to do is have faith, worship at the altar of Satoshi Knackered Motor , and read his scriptures:

http://nakamotoinstitute.org/bitcoin/

Today's scripture: Chapter 7  verse 2

"To facilitate this without breaking the block's hash, transactions are hashed in a Merkle Tree with only the root included in the block's hash."

May Satoshi be with you.

Amen.

Mr. Guts's picture

Peter Schiff will give you gold and silver if you give him Bitcoin.

 

https://schiffgold.com/buy/buying-gold-silver-bitcoin/

aloha_snakbar's picture

Like the man said, money talks and bullshit walks. Just like there would not be any Tesla cars without oil, there would be no BTC without dollars. Im not a dollar fan, and it may very well implode, which would be the worst thing for Bitcoin...

tmosley's picture

Yeah, and there would be no internet without books. Some things lead to others. Just because they lead to them in a certain way doesn't mean that is the only way they could ever come about.

Bitcoin probably never would have been invented if we had gone back on the gold standard under Reagan. Instead, we would be colonizing space.

Golden Phoenix's picture

There would be no bitcoin without dollars? Would the Chinese and Venezuelans agree?

makinbacon's picture

Certainly no Chinese are being smuggled through the tunnels of Tijuana to the US on the Yuan!

Would love to see the look on the confused Cartel members face if offered a Ewallet and a ....

"really!...it 5000 dollar!"

Silver Savior's picture

I don't think bitcoin needs the dollar at all. Gold and silver don't either. No one needs the dollar except paper asset pushers.

paulbain's picture

----------------------------------

 

 

       I am very surprised that no one, not even TMosley, is mentioning Bitcoin Cash (BCH), which is surely the nearest and fiercest competitor of Bitcoin.  I would not be surprised if, at least in the intermediate-term (next several months), Bitcoin Cash greatly outperforms Bitcoin.  Having said that, I readily concede that another Bitcoin crash impends and could arrive before 2018.  This second crash will likely depress BCH's price as well as Bitcoin itself.

       I remember the first, major Bitcoin crash of early 2014, and I sense that the current speculative bubble is a mere repetition of that one.

 

 

 

-------------------------------

tmosley's picture

It's not really been doing much except slowly falling.

I'm holding on to my "free" BCH, but I'm not buying more. Got burned the last time I fucked around with it. Better opportunities out there.

Exponere Mendaces's picture

No one is mentioning it because its shaking itself apart with its stupid difficulty adjustment (EDA).

Link - http://fork.lol/pow/speed

See that crazy blue line? That's the "innovative" Emergency Difficulty Adjustment at work for BCrash.

All this does is spur short-term mining on BCrash, then it shfts back to Bitcoin where its more profitable. Because more blocks are mined in a faster fashion on BCrash, miners dump their holdings and shit all over BCrash's price.

This will continue until BCrash has no economic incentive to be mined.

So kindly fuck off and watch your alt-coin die while Bitcoin makes new highs.

 

 

williambanzai7's picture

I haaaave a bitcoin...

Yellow_Snow's picture

Look out here comes the 'walker and wheelchair patrol' again...  wah wah.

Codwell's picture

How is the price derived ?  Is this the highest price paid for one bitcoin or a fraction of one on that day ? If 1000 or 100k were offered for cash sale would the market collapse ? 

This is beginning to look like the Beanie Baby market in the 1990s. 

Hyjinx's picture

It is the average of open sell and buy orders for a single coin at any given moment.

Golden Phoenix's picture

Bitcoin is actually at a more critical price today after the new high than it was yesterday. It's at a major shifting point. What many don't understand is the crypto ecosystem stands on its own. If the answer this week is 'down' for bitcoin it'll probably be a big down but the resulting redemptions won't go to dollars or gold, they'll go to alt coins, many of which have conveniently already bottomed. Think of it like rotating between large and small cap stock sectors depending upon the market phase. Some people make even more money on alts popping during a bitcoin downtrend than they do on bitcoin in its uptrend. Putting them both together can be really powerful. If bitcoin does fall this week it'll likely fall really hard and that'll be bad for bitcoin in the short term but long term it'll be very healthy for crypto overall.

makinbacon's picture

As a "store of value"....BCH $75B.... " as a asset class"....Gold $8T

Who's a believer.