Bitcoin Blasts Above $12,000, Soars To New All Time High

Tyler Durden's picture

After slowing down fractionally in its relentless ascent after topping $11,000 for the first time less than a week ago, Bitcoin has brushed off the weekend selloff and on Wednesday morning (Asian time) exploded higher following a renewed burst of buying out of the usual Asian suspect exchanges - and Bitfinex - surging above $12,000 for the first time ever, and trading at a new all time high of $12,200 at publication time.

For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:

  • $0000 - $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days
  • $8000- $9000: 9 days
  • $9000-$10000: 2 days
  • $10000-$11000: 1 day
  • $11000-$12000: 6 days

The skeptics can take heart: at least the rate of ascent appears to have slowed down.

There has been no news to catalyze the move, and as most recent buying, it has been attributed to excitement over the upcoming December 10 CFTC bitcoin futures launch.

And speaking of bitcoin futures, the CEO of ICE, the owner of the New York Stock Exchange, Jeff Sprecher told a Goldman investor conference on Tuesday that that “we may be stupid for not being first on that" adding that “I don’t have the answers, I wish I knew” how the investments will evolve, he said. “I don’t know what to make of cryptocurrencies.”

In a surprising tangent, Sprecher gave another impetus for the bulls when he questioned the existence of natural sellers of bitcoin futures, or investors who short the contract, noting that much of the wealth in the bitcoin world has been amassed by data miners in China and algorithmic traders.

“To short that, that means they’re deciding to exit” the market through a futures market, Sprecher said. He decided that may not be a good scenario for one of his exchanges.

They may have a reason to do that if there are additional state crackdowns: one emerged on Wednesday morning in South Korea, where according to a Yonhap report a private association of cryptocurrency exchanges in South Korea which has emerged as one of the most active trading venues for cryptocurrencies, said that it will voluntarily restrict cryptocurrency transactions with bank accounts starting next year, in a bid to prevent such transactions from being used for money laundering and other crimes.

However, contrary to some headlines that South Korea would restrict crypto transactions, all this means is that the Blockchain Association, an industry group of some 30 cryptocurrency exchanges, including Bithumb and Korbit, said it will encourage customers just one bank account in the selling and buying of cryptocurrencies.

Under the voluntary restrictions, which will be implemented Jan. 1, customers will be discouraged from using multiple bank accounts, the association said. Currently, customers use virtual bank accounts when they buy or sell cryptocurrencies.

South Korea is home to one of the world's largest bitcoin exchanges, with about 1 million people estimated to trade the digital currency.

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arkel's picture

How is shitcoin doing? Yes, that is a real "coin". Or how about titcoin?

Newbie lurker's picture

I know I should be buying because it can only go up....until the day I actually buy. Then boom, back to zero.

Stackers's picture

I love the smell of tulips in the morning.

Smells like .... victory

BaBaBouy's picture

The  USG will have to do something pretty soon...?

This action is bound to set GOLD Off, Its Insane, I don't think they will be able to contain the GOLD In Its "Trading Cubicle" any Longer...

GOLD is still the ALT Currency.

CBS also did a report tonight on BTC on the main newz, first time for that...

Luc X. Ifer's picture

I'll add Cardano/ADA. I'll sell ASAP Ethereum. If one altcoin is going to drop to 0 in the near future, that's Ethereum.  

38BWD22's picture




Just unloaded some more BTC @ $12,180 for some more Au.

Kind of getting boring, LOL.


If hedgless_horseman appears tonight, hey, good news (less work) on dealing with my BTC for gold gains.



MonetaryApostate's picture

Come on, this shit is not that hard, the blank check bankers are pushing down the price of everything by buying up the markets, indeed the only thing keeping them afloat is fake money, & you know broke Americans could give a damn which way any market is going.

(Most can't even afford living expenses, for real!)

38BWD22's picture



Actually, for me, accounting is very hard.  I am a numbers guy, but the (admitted) logic of accounting just eludes me.

IIU part of your comment, yeah, I am starting to pick up a whiff of Bankster Odeur in BTC...  One reason I am pretty aggressively selling out my BTC at a measured (but slow) pace.  

No more buying.  Something seems WRONG now with BTC.

Raffie's picture

The haters sure do cry a lot. Big towers of salt.

It's LiteCoins turn to shine and it is coming very soon. Hearing next 18mo will be insane.

AUD's picture

Yeah fuck that man, this is CRYPTO!

eforce's picture

Definately not being artificially pumped by tethers...

Exponere Mendaces's picture

At least LTC competes on its own merits, unlike some shitcoins.

All crypto is going to go insane in the coming months. This is just the beginning.


Luc X. Ifer's picture

Agree. I didn't mention LTC because for me LTC is a no-brainer and if someone is for at least one year already in the game and doesn't HODL LTC it means the person should invest more time learning the ecosystem or leave it. I mentioned IOTA/ADA as entries for the new players in the game.

38BWD22's picture



I may take a good hard look at LTC if IOTA doesn't get its act together.  LTC gets many nice comments on its solid technology.

But, it still does nothing to advance privacy?  Or am I wrong?

Upset Your Worries's picture

Our friend in the Philippines has covered the matter of privacy coins at some length. None at present is truly private. Zcash maybe closest, but cumbersome; as far as I'm aware there's no straightforward wallet available (I don't use exchanges), and I don't want the fuss of running a node. I've grown my holding of LTC ever since his $6 dollar call (it's currently $103).

Vertcoin (VTC) too might be worth your consideration. It's almost an LTC clone, and it's also ASIC-resistant, so you can mine it yourself if you like. Also, stealth addresses will be implemented very soon. has been good to me since October, esepecially right now leading up to its halving in a few days. I'm less happy with other features such as LN and atomic cross-chain, which are almost de rigueur these days but from what I understand can undermine robustness.

VTC and LTC are the main two I hold (ten in all), with BTC at only around 10% of my portfolio (I also hold PMs). Like you, I sense something is tainted with BTC right now. So many unresolved issues. I sense a big correction before long, which of course is likely to impact all alts.

Luc X. Ifer's picture

Finally CL come public with some extremely interesting statements about the Bitcoin/Litecoin ecosystem and taking in consideration his well known enigmatic personality due to the typical chinese strategic modus operandi - these are truly very strong and forward thinking words.

FreeMarketAnarchist's picture

My biggest stake is on LTC right now. 

It´s set to explode soon.

kochevnik's picture

Foreigners know American == broke.  SImply military branch of Inner City of London.  Would kill itself if Crown Corporation asked

Buckaroo Banzai's picture

Agree, Cardano/ADA is shaping up to be Ethereum done right. Saying it will drive Ethereum to zero is a stretch, but at the very least it should take a big bite out of Ethereum's space.

Luc X. Ifer's picture

I think Ethereum will die by itself and it just happens that Cardano/ADA is already set in place to take over because Hoskinson observed very fast the flaws in the core design of the Ethereum tech stack and he left the project because of not having his well grounded criticism listened to and acted upon. The Ethereum design flaws are so bad - not the concept theory and foundations, kudos to Vitalik for it, but the choice of the tech stack and architecture, that personally, sincerely I don't see them possible to address by refactoring but by a complete from ground rebuild of the stack, redesign and new implementation and that's what practically Cardano is doing. Ethereum just grew too fast like prince wonder, founded by young guys with solid mathematical skills but lacking solid years of designing, implementing and testing software.

Luc X. Ifer's picture

Not only is this making it hard to play the game, but this scaling issue is a real concern for the Ethereum network in general. If one viral game that hasn’t even spread beyond the tech world can slow down the network, what happens when the blockchain expands to real world applications?

BaBaBouy's picture

Look at Monero, I remember seeing it at 40. not that long ago, now 255...

This cannot go on infinitum, or can it???

tmosley's picture

Infinite? No. But the winner of the crypto war (if there is a single winner) will take over the role of money globally. Hard to imagine higher stakes than that.

Bay of Pigs's picture

Sure. Worship at the Golden Crypto Calf. Sounds wonderful.

You want your chip in your forehead now?

tmosley's picture

GOLDEN calf, not ENCRYPTED calf, dumbshit.

BaBaBouy's picture

Wow Iota up 78% last day?

Im curious did you get it around .60 ?

tmosley's picture

$0.30 ;)

Dollar cost average was more like $0.50 though.

BaBaBouy's picture

Big score... I can see why you can sniff at the recent Bitcoinz gains ...

Spaced Out's picture

I take it that you'll be making a donation to the Bitfinex'ed legal defence with some of your profits?

Oh a potential co-defendant, you might need it all yourself!

"Steptoe & Johnson is the company tasked with tracking down anyone perceived to have libeled the Hong Kong-based exchange"

Might be advisable to go and delete all your libellous comments before someone takes screenshots!

Mine Is Bigger's picture

You were spot on with your recommendation a week or so ago.

What wallet do you use to store your IOTA?

freedogger's picture

What exchange is best to get IOTA on?

tmosley's picture

None of them. Servers are all melted.

Even if they weren't, withdrawals are suspended due to exchange wallet issues. Too much interest. Someone posted a link in one of these threads earlier going to an Australian service that anyone could send coins to and trade for IOTA. Don't have the link, and haven't used the service, but it might be the only option ATM, absent being a monumentally stupid idiot and leaving your coins on the exchange.

Exponere Mendaces's picture

Directed Acyclic Graph is interesting, but I don't think the network itself is out of beta (alpha?).

It mimics some aspects of "Proof of Stake", which I think has its own problems - so the jury is still out on that one.

And yeah, don't leave any coins on any exchanges. Just common sense in crypto-land.

tmosley's picture

It's so buggy its more like alpha, but they call it a public beta. They are supposed to be coming out with a better wallet (that automatically handles all the arcane shit that experts have trouble with). Getting rid of the central coordinator will be a major step forward as well. I don't know where it is on their milestones, but I would consider that the end of the beta. They themselves have called the coordinator something like "training wheels".

Spaced Out's picture

"Too much interest".....hmmmmm, doesn't sound like they've thought this through properly. You keep saying the more users the faster it gets?????

Guess not!

tmosley's picture

Thanks. There isn't a good wallet right now (this pump is SOOOO premature). The one I use is just off of their website, but it is buggy as hell. It may look like you have lost coins, but you haven't, unless you sent to an address you had already spent from, or used an online seed generator. DO NOT USE AN ONLINE SEED GENERATOR. Dozens of people had their IOTA stolen by doing so. I was also stupid enough to do that, but got lucky and didn't get the one that was stealing everyone's coins. Use one of the methods listed in the comments here:

Or just wait a couple of weeks for the new wallet to come out and hopefully be much better, and handle all the arcane technical shit in the background.

I said it before that IOTA is NOT ready for prime time, but the damned concept is so amazing it has attracted the attention of the degenerate gamblers in Asia.

Mine Is Bigger's picture

Thank you.

I truly appreciate your knowledge and insights.

Golden Phoenix's picture

Agreed, the wallet is a complete piece of crap. No inherent seed generation, won't even synch, etc. etc. etc...probably better off risking a dodgy exchange.

I am a Man I am Forty's picture

I bought IOTA on using some ethereum I had on coinbase. I just did a test with like $70 to make sure everything worked and to be prepared to buy on a dip. Then it shoots up 80%. This is hard.

GotGalt's picture

It's fucked up.  I was literally sniffing around IOTA around $0.30 just a week or so ago but decided to hold off short term due to how non-user friendly the wallet is, not to mention one has to go through several hoops to buy any.  I was just gonna sell a bit of either ethereum (bought at $40) or dash (bought at $85) to fund maybe $500 spec buy (around 1600 IOTA at the time just a week ago).  Now that would go for $7000!!  Insane.

As an aside, anyone fathom the crazy move in Monero all of a sudden (other than all of crypto be going nuts)?  I bought some of that below $20.  I plan on holding onto that, as it seems to still be the best anonymous option left along with Zcoin.

tmosley's picture

Yeah, I absolutely had a plan to buy there, but at the last minute held back, thinking it might go down to $0.25. "Wouldn't it be nice to get my cost average down" I thought, and went to bed. Woke up and it was hovering around $0.50. Bit my lip and bought more. Good thing too.

Wishing I hadn't taken the other half of my portfolio to cash now. It would take a week to get back in. Oh well.

Not sure whether I am going to take profits or wait to see what the hell this "Q" thing is all about. Guess I'll sleep on it.

greenskeeper carl's picture

When you said the servers were melted, did you mean Binance? I tried to create an account, but it just sits there after I enter everything in and shows me three balls whirling around, like its thinking.

Buckaroo Banzai's picture

IOTA is complete lunacy, the technology behind it has more holes than a Swiss cheese, but kudos to anyone who has profited from owning it.

ZCoin masternodes are about to go live, and the ROI on owning a ZCoin masternode looks outstanding. ZCoin needs better PR and marketing, once it finally gets a higher profile its price should start behaving a lot like Monero's.

FakeNewsBandit's picture

Congrats mosely! Iota is on fire!

greenskeeper carl's picture

Whatever, I bought a little bit of BTC at just below 10k. Nothing Im not willing to lose, and Im up 13% or so. When dumb money like me is piling in, the end could be near. Or, we could be having this same conversation in 2 weeks when its at 20k. I, personally, am having a good time with it. Not near as good a time as seek and DCRB are no doubt having, but its still entertaining.

38BWD22's picture




Hey good luck buddy!  I went the other way just a bit ago, selling some BTC for gold @ $12,180.  I am "Taking The Gift".

My tax accountant kindly spent time with me today suggesting that my workload will be LESS and that the IRS is more interested in "Whale Hunting" (bigger game than me re BTC winners).  Not too much work, but it took me 6 hours just to get to 1 Jan 2017 today.

Still, good news.

Just lucky.  Usually (has been for decades) I have been a terrible speculator.  It's actually kind of weird for a rank speculation to go my way.

greenskeeper carl's picture

Enjoy the gift. I do think this thing has a decent bit more to run, but i don't believe we are looking at any more 1000%/year gains, unless you get really lucky on an ICO. But, thats just the crypto version of playing the penny stocks IMO, although I readily admit to not knowing a hell of a lot about it. I, too, am a terrible speculator, and never been much of a gambler either, not my thing. I do wonder whats going to happen on the 10th, though. Could this push the price up a lot? Sure. But I worry this will just enable the usual suspects to swing the monkey hammer at BTC the way they do with gold. As in, maybe LTC or ETH might see more benefit on this than bitcoin. EIther way, all of this benefits from government and bank instability, which I have no doubt we will see more of.

38BWD22's picture



"...and never been much of a gambler either..."

I have gambled in casinos some 25 times in my life.  Roughly 80% (maybe more) I leave a LOSER, no matter the game.

I will be easing my way out, except for keeping a small amount for grins, at least until something simple yet private (without the stupid developer vs. miners BS either, etc.), perhaps IOTA when tmosley says it's ready.  I would take a look then, but he just wrote above that it's not ready for prime-time yet.