Bitcoin Soars To Record High $4,600

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.

 

Comments

VD (not verified) Tue, 08/29/2017 - 09:54 Permalink

all your NSA/CIA/DeepState-created Tulipcoins will go to zero. "hedge" accordingly. "Satoshi" says hi.

0valueleft tmosley Tue, 08/29/2017 - 10:47 Permalink

So they"re not speculating, in hopes of increasing thier dollars on the other side? Come on dude stop discounting human nature. Which can be translated to "slow to learn".It's easy to buy and sell, that's what it has going for it right now. What it truly can do is what it has going for it in the future. At least that's what IBM Watson told me, oh and never forget your towel. 

In reply to by tmosley

The Cooler King (not verified) tmosley Tue, 08/29/2017 - 10:49 Permalink

"The purchasing power flowing into the space is seeking a way out of failing fiat currencies" I have PURCHASING POWER right now with a FAILING FIAT CURRENCY... I can walk right into a dealer and order a 2018 FORD VELOCIRAPTOR. Do you have that kind of PURCHASING POWER with your bitcoins? No! Instead, you're sitting on the floor in an empty house (that used to be, as you said, full of silver but sold it all to buy bitcoins). One of the few places that you, perhaps, have PURCHASING POWER is at Overstock.com, where, supposedly, a $20k value cheap ass Chinese made furniture set, is 70% off and sells for $6k... But you don't even want to part with your precious digital currency, because you're mezmerized by the price movements. So your PURCHASING POWER is essentially zero.

In reply to by tmosley

toknormal The Cooler King (not verified) Tue, 08/29/2017 - 13:04 Permalink

How goods are price-denominated in stores doesn't matter anymore. Bitcoin backed debit cards are here and exploding in use. You hold bitcoin in your account and simply top the card up when required, nominating your preferred denomination - USD, EUR, GBP, whatever.

Ergo: Bitcoin accepted everywhere the Visa and MasterCard network works. That's what's fuelling the growth, that it works BOTH as a commodity store of value AND is electronically liquid.

In reply to by The Cooler King (not verified)

mtl4 tmosley Tue, 08/29/2017 - 10:28 Permalink

War will eventually break out but the concerning part here is how gov't will react if everyone dumps their currency for crypto, PM's or other assets.......this crypto stuff will either shoot to the moon or be made illegal (ie can't hold it, declare or it's criminal).  The whole reason for it's rise is to avoid gov't but they won't likely give up the money printing and endless debt creation so easily.

In reply to by tmosley

tmosley mtl4 Tue, 08/29/2017 - 10:32 Permalink

If they make it illegal, the market will simply move on to anonymous cryptos via decentrilized exchanges.They can't stop it. All they know how to do is threaten key individuals. Here, there is no-one to threaten. If they threaten EVERYONE, it is the same as threatening no-one and introducing an aspect of arbitrary justice on a few. People will RAPIDLY lose respect for the law under such circumstances.No. This thing is happening. The government gets to choose whether they want it the easy way, or the hard way. The wrong choice results in them being raped to death.

In reply to by mtl4

Billy the Poet tmosley Tue, 08/29/2017 - 11:08 Permalink

I've never met anyone who knows what bitcoin is let alone anyone who owns some.  You don't have an army at your command so there's little point in singing, Onward Bitcoin Soldiers. In summary: Take 14 million Bitcoin wallets and 1.2 million Ethereum wallets as the numbers representing users. But also know that those numbers have numerous duplications. The real numbers must be lower than that. https://hankyulpark.wordpress.com/2017/03/24/how-many-people-in-the-wor…

In reply to by tmosley

mtl4 tmosley Tue, 08/29/2017 - 10:52 Permalink

Your arguement doesn't hold water because currency is only worth something because I can trade it for something I need later.  So if merchants need to comply (no merchant wants to be out of compliance with the law) then they can simply say sorry, you can't accept that currency anymore and anyone that has it needs to declare or face criminal charges.  Very similar to what they did with gold back in 1933 and now FACTA.  Al capone went down for evasion, not all the hundreds of other crimes he got away with.  I'm not saying PM's are the answer at all, just that you should never underestimate the nefarious nature of governments that have grown long in the tooth.

In reply to by tmosley

tmosley mtl4 Tue, 08/29/2017 - 11:29 Permalink

When compliance becomes impossible, they won't comply any more. The only companies left solvent will be the ones that do business in crypto.When people are coming in with wheelbarrows full of cash for daily purchases, bitcoin will look mighty attractive and STABLE, even if it is still in its adoption phase. 

In reply to by mtl4

mtl4 tmosley Tue, 08/29/2017 - 12:18 Permalink

Not complying with any laws implies Mad Max style events in which case many will just go back to barter like has always happened throughout history.  I'm not a goldbug here by any means (in fact I'm more in your camp than anything on crypto in the future) but I still believe your are seriously underestimating how draconian the goverment can become when they become starved for cash.  Gov't has allowed cryptos to carry on so the real question is why and what do they have up their sleeve in the near future.

In reply to by tmosley

r0mulus mtl4 Tue, 08/29/2017 - 15:54 Permalink

Bitcoin will never be universally outlawed- there is simply no precedent for successful universal aggreement and enforcement of any man-made law in history. The minute one superpower bans it, it'll be embraced by it's rivals to their detriment.Bitcoin actually gains strength from the uncooperative, multi-polar world that we actually live in.And I'm willing to bet indefinitely on humanity remaining an uncooperative mess.And so is anyone better on Gold, either.

In reply to by mtl4

The Cooler King (not verified) mtl4 Tue, 08/29/2017 - 10:54 Permalink

"this crypto stuff will either shoot to the moon or be made illegal (ie can't hold it, declare or it's criminal)" That should be easy to do by proxy. All they'd need to do would be to threaten business owners by saying that it was not legal tender and transactions, (the selling of goods & services would be forbidden). Anyone who broke the rules would receive a heavy fine, &/or lose their business license. If there's nothing to buy with a currency, what's the use?

In reply to by mtl4

dussasr The Cooler King (not verified) Tue, 08/29/2017 - 13:10 Permalink

Any government that outlaws cryptocurrency has admitted that its currency can't compete freely with crypto.  A country that imprlements capital controls will suffer the well-known consequences for doing so.  If capital controls worked Venezuela, Argentina, Cuba, etc. would be wealthy, but we see that it is a clear recipe for failure.  

In reply to by The Cooler King (not verified)

Haus-Targaryen currentsea Tue, 08/29/2017 - 10:39 Permalink

I won't.  Trust me, I'm not one of these gold bugs that hate the cryptos.  There is something to them, and I have done my homework.  That being said, I am not chasing a speculative bubble after the chart has already gone parabolic. I'll wait for it to come back down to more manageable figures and if that never happens, well that is a risk I am more than willing to take.  I think downside risk in the short to medium term outweighs upside potential. Long term I think its going much higher, but not before another nose dive. Too many speculative momentum traders who have no idea what it is and just wanted to put their cash somewhere after liquefying their stack. Many demoralized stackers are going to get slaughtered by the cryptos.  Can't say they won't deserve it. 

In reply to by currentsea

Creepy_Azz_Crackaah (not verified) Haus-Targaryen Tue, 08/29/2017 - 11:08 Permalink

But, but, but... this time it's different. This speculation bubble is infinitely blowable. :)

Yeah, I hope all of the ZHers with their life savings in Bitcoin do well but it is a pure speculation vehicle. Please be sure to get out before you lose it all. I'm paying for enough people with my taxes.

In reply to by Haus-Targaryen

toknormal Creepy_Azz_Crackaah (not verified) Tue, 08/29/2017 - 13:08 Permalink

It's not a "pure speculation vehicle" any longer. It's a "pure store of value vehicle" that's electronically liquid. That makes it far more monetarily useful than precious metals and therefore far more valuable - at least in terms of monetary premium.

A few years ago you could not live with a bitcoin-based savings strategy. Now you can since it's supported by so many fiat gateways as a store of value (such as the growing mountain of bitcoin backed debit cards that are accepted on the Visa and MasterCard networks).

In reply to by Creepy_Azz_Crackaah (not verified)

Haus-Targaryen Mr.Bigfoot Tue, 08/29/2017 - 10:56 Permalink

Thats fine.  If he said that in Q4 14 during the parabolic spike up and he didn't get in after it crashed and the BTC Reddit stickied suicide prevention hotlines -- he is an idiot.  I don't intend to make the same mistake. That being said, if you assert that this parabolic move up is permanent and will never ever ever correct back down to pre-parabolic spike, it would be the first market I have ever seen that didn't correct after a parabolic spike up. 

In reply to by Mr.Bigfoot