Bitcoin Tops $11,000 Again - Becomes World's 6th Largest Currency In Circulation

Tyler Durden's picture

After 'crashing' earlier in the week, Bitcoin soared in the last 24 hours following confirmation from the CFTC that it has approved regulated futures (and options) trading on CME, CBOE, and Cantor. This sent the price back above $11,000 and shifted the cryptocurrency to become the sixth most-circulated currency in the world.

Bitcoin had, by all accounts, a remarkably volatile week, losing $3 bln in market cap in just 90 minutes as the price slid from $11,400 to close to $9,000 (on some exchanges it flash-crashed to the low $8,000s). Nevertheless, within 36 hours, the cryptocurrency has rebounded to over $11,000.

image courtesy of CoinTelegraph

As CoinTelegraph reports, the CFTC news quickly rippled out across the industry and media, with a stream of delighted bullish statements gracing Twitter and other platforms.

“It’s an orgy” is how one strategist described the breaking news that US regulators have approved Bitcoin futures to start this month.

Digital Currency Group CEO Barry Silbert said on CNBC: “I think it is going to enable finally the approval of Bitcoin ETFs, and other digital currency ETFs, which is game-changing,” he added.

And Bitcoin prices jumped...

As did Ethereum...

At a value of Bitcoin at around $11,000 each, the total value of all Bitcoins in circulation is around $180 billion, which as CoinTelegraph details means Bitcoin is now the sixth most circulated currency in the world, behind five super powers, and outranking the Pound, the Ruble, and the Wonaccording to the Bank for International Settlements.


While the number is substantial, should Bitcoin rise to $15,000, it will overtake the next highest circulating currency, the Rupee. The other four currencies outranking Bitcoin are the Yen, Yuan, Euro, and Dollar, all of which have dramatically greater levels of currency in circulation (the Dollar, for example, stands at $1.4 tln).

These numbers are, of course, somewhat skewed, because the value of notes in circulation is not reflective of the total value of a currency. Nevertheless, the numbers reveal the substantial power of Bitcoin in terms of currency interactions.

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BaBaBouy's picture

Oh Well, Back to $20K Target ~

eforce's picture

Seems the Tether fraud exposure is finally starting to get traction, I mean you know things are pretty bad when they hire 5WPR to do damage control for them...

overbet's picture

Wait til the big money manager clients start wanting exposure to hot new market

Arturo's picture

Buy IOTA while it is still cheap.

tmosley's picture

Sad part is, Americans can't even buy it now. Binance is the only exchange that will deal with them, and they've not been allowing IOTA withdrawals.

Number 9's picture

shiiiiiittttttt.. that must be why my iota never made it to my wallet...fvkfvkfvk

resettlement to panama is looking better all the time

Mine Is Bigger's picture

Have you tried coinspot in Australia?

You can send bitcoins to the exchange and buy iota there even if you are based in the U.S.

tmosley's picture

Interesting, I had not heard of them before. I will check it out.

marysimmons's picture

Lots of green in the crypto space on the weekly charts -

BTC almost back to ATH - the more FUD the better - honey badger don't care -


BTW, BTC had already broken out of a classic bullish pennant AND an inverse head and shoulders when the CFTC announcement was made.  Was going back to ATH's no matter what some criminal regulator said on CNBC or where ever

tmosley's picture

Print enough tethers and it will break anything you like.

BaBaBouy's picture

TRUMP For President !

Buckaroo Banzai's picture

With a ~$4B market cap (8th-largest in cryptospace),  IOTA looks pretty expensive given that it's basically vaporware at this point.

If I'm going to invest in a "drawing-board" cryptocurrency, Cardano (ADA) frankly looks like a much better choice at this point.

tmosley's picture

You seem to have a very odd definition of "vaporware".

Buckaroo Banzai's picture

IOTA is not a particularly well-proven technology, with serious potential security flaws. Nobody in their right minds is going to put serious money at risk on a technology like this.

tmosley's picture

Microsoft, Fujitsu, and B&W don't count, I guess.

blentus's picture

Once there is something working and usable, we will see.

Right now, it is vaporware.

Fucking wallet application that allowed people to create short seeds, without warnings.

Fits perfectly with the rest of IoT.

Buckaroo Banzai's picture

Are you suggesting that major corporations never do insane or retarded things? Don't forget, Clown World is currently being run by giant international corporations like these, and doing retarded shit is right in their wheelhouse tbqh.

tmosley's picture

It doesn't matter if you think they are "retarded" for developing the platform. What matters is that they are developing the platform. Lots of resources are going into it and will be used to improve it. Things are actually getting done.

blentus's picture

Just like Tezos.

Nevertheless, I hold IOTA because I like the idea, but I don't think current team (whoever they are) are capable of technically finishing the project.

Hopefully I am wrong.

And now to be a cunt - so, with IOTA what matters is that they are developing the platform and things are getting done.

But with BTC, it doesn't matter what they are developing the platofrm and things are getting done.

Real shocker there ;)

Buckaroo Banzai's picture

Great, so a bunch of big stupid Clownworld corporations are developing a platform with a monumental security hole built into its foundation. Until they fix that gaping  flaw at the very core of the technology, it doesn't matter how much they gold-plate this thing, it'll still be a turd.


Antifaschistische's picture

x largest currency.   period.   not really "in circulation"

that's when it will get interesting....when the collectors, decide to be spenders.


TuPhat's picture

That was going to be my comment.  Bitcoin is not in circulation at all in comparison to other currencies.  Zh has stated as much in previous articles but they forget rather quickly.

Five Star's picture

The IRS has won a court order to have the exchanges turn over user data:

Buckaroo Banzai's picture

Anybody who thought the IRS was going to sleep through the cryptocurrency revolution is delusional. Sooner or later, the Tax Man always gets his cut.

MayIMommaDogFace2theBananaPatch's picture

There's one for you

Nineteen for me...

MonetaryApostate's picture

Fake money, fake debt, fake value, fake news, fake history, fake leaders, fake events, fake elections, fake everything!

Mister Ponzi's picture

The comparison above is total BS. As Bitcoin does not exist physically, you shouldn't compare it to currency in circulation but to a broader monetary aggregate like M1 or M2. It will take some time (if ever) until Bitcoin reaches the size of M1 of the British pound.

ebworthen's picture

Not in circulation?  Why just the other day I saw some kids digging into their pockets for bitcoins so they could buy some candy.

Buckaroo Banzai's picture

99% of modern fiat money is simply digitized ledger entries that are moved across privately-owned, opaque, and expensive payment networks like those maintained by Visa, Mastercard, ACH, and SWIFT. Physical currency is an artifact from a previous age.

Given that cryptocurrency coins and payment networks are superior in almost every way to their legacy digital fiat counterparts suggests that fiat currencies--in both their physical and digital forms-- are facing the same fate as the dinosaurs.

mickrussom's picture

The legacy currencies have payment networks that work at scale. Id like to see these miner-sponsored block chains already chewing up massive energy to do a millionth of what the legacy currencies do. Also theft and arbitration and reversability - all handled better by the legacies at the moment.

Im not anti BTC  but beyond being a buy and hold digital gold, its not a replacement for a currency in its current form, it will fall over and use tons of energy doing the ledger work. 

TuPhat's picture

Bitcoin is fiat.  It's just not government backed fiat.

Brazen Heist's picture

If Bitfinex collapses, it will be like Mt opportunity for all yous who didn't buy BTC, to buy in again on the cheap. 

Then its going right back up after that.

tmosley's picture

Probably not, as BTC has destroyed its use case.

But I do agree with your sentiment if you substitute "cryptos" for "BTC". Though I don't think it will be immediate.

Brazen Heist's picture

If you exited BTC for BCH, it may not have been the most profitable decision you have made.

BCH might fork again next year. With no SegWit, it wont be comaptible with any potential Lightning upgrades.

tmosley's picture

Profit in a fraud scheme that is about to collapse is NOT PROFIT.

Also, Lightning is trash (or would be, if it actually existed):

blentus's picture

Get fucked with your lies.

I understand that BCH crows understands that timing is important and that only change they will have to 'take over' Bitcoin is now - but that will not happen by constantly spreading lies.

tmosley's picture


Any second now.

blentus's picture

I am sorry that incredibly complex software projects are not done according to your needs and/or schedule.

Please, keep using shit made by a single developer, while copying 90% of code from Core.

tmosley's picture

>I am sorry that incredibly complex software projects are not done according to your needs and/or schedule.

Your garbage has been promised "any minute now" since Summer 2015. It will appear shortly after the Bitfinex audit has been completed ;)

blentus's picture

Damn. Another bait.

Although insulting random people and waging pointless debates on the Internet is a lot of fun at times, I just received a new batch of Nanos which I have to configure and transfer shit to.

Good luck with your cult :)

Brazen Heist's picture

This is speculation. Time locked contracts would sidestep fees with micro transactions. Anyway, we will have to see how it all goes on the Litecoin testnet. If Charlie Lee is working on it, I trust that guy more than some random youtuber.

tmosley's picture

>Time locked contracts would sidestep fees with micro transactions

So would a bank account.

Buckaroo Banzai's picture

I'm definitely not a fan of Lightning on the BTC blockchain, but just a few weeks ago Charlie Lee implemented Lightning on LiteCoin, and executed the first "atomic swap" (i.e. instant, low-fee transaction) between BTC and LTC.

This means you can shift effortlessly between the BTC and LTC networks, and use BTC for your saving and high-value transactions, and LTC for your low-value everyday transactions.

The fact that LTC has increased by 50% since this event seems to confirm that the market likes this new development.

tmosley's picture

There is no market. There is only Zuul (Tether).

Hyjinx's picture

Come on man.  GDAX has been leading this bull run.  There isn't any Tether there, just USD.

affirmed_78's picture

Dude, people aren't switching to BCH as much as you may want them to.  It has nowhere near the infrastructure and developer power, plain and simple.  Not to mention it has no long term scaling solution.  I can fork bitcoin tomorrow to 16 mb, and on and on and on.  

tmosley's picture

Lots of ignorance in your post.

I don't give a fuck if people switch to it now or not. The entire ecosystem is going to crash. People should be going to cash. I feel like I'm an idiot for not dumping my IOTA, but I am afraid that I won't be able to get back in at a lower price because so many of the exchanges where it is listed deal in Tether.