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

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.

Source

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.

Comments

marysimmons tmosley Sat, 12/02/2017 - 15:19 Permalink

Lots of green in the crypto space on the weekly charts - https://coinmarketcap.com/all/views/all/BTC almost back to ATH - the more FUD the better - honey badger don't care - https://www.wired.com/wp-content/uploads/blogs/wiredenterprise/wp-conte… 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

In reply to by tmosley

blentus tmosley Sat, 12/02/2017 - 13:57 Permalink

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 ;)

In reply to by tmosley

Buckaroo Banzai ebworthen Sat, 12/02/2017 - 13:13 Permalink

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.

In reply to by ebworthen

mickrussom Buckaroo Banzai Sat, 12/02/2017 - 15:21 Permalink

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. 

In reply to by Buckaroo Banzai

Buckaroo Banzai tmosley Sat, 12/02/2017 - 12:44 Permalink

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.

In reply to by tmosley

tmosley affirmed_78 Sat, 12/02/2017 - 13:44 Permalink

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.

In reply to by affirmed_78