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

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.

Comments

38BWD22 MonetaryApostate Tue, 12/05/2017 - 23:23 Permalink

  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.

In reply to by MonetaryApostate

Upset Your Worries 38BWD22 Wed, 12/06/2017 - 04:15 Permalink

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. https://vertcoin.org/ 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.

In reply to by 38BWD22

Luc X. Ifer Buckaroo Banzai Wed, 12/06/2017 - 02:44 Permalink

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.

In reply to by Buckaroo Banzai

Luc X. Ifer Luc X. Ifer Wed, 12/06/2017 - 03:16 Permalink

https://techcrunch.com/2017/12/03/people-have-spent-over-1m-buying-virt…

[...
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?
...]

In reply to by Luc X. Ifer

Spaced Out tmosley Wed, 12/06/2017 - 05:49 Permalink

I take it that you'll be making a donation to the Bitfinex'ed legal defence with some of your profits?Oh wait....as a potential co-defendant, you might need it all yourself!News.bitcoin.com:"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!

In reply to by tmosley

tmosley freedogger Tue, 12/05/2017 - 23:27 Permalink

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.

In reply to by freedogger

tmosley Exponere Mendaces Wed, 12/06/2017 - 00:47 Permalink

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".

In reply to by Exponere Mendaces

tmosley Mine Is Bigger Tue, 12/05/2017 - 23:45 Permalink

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: https://www.reddit.com/r/Iota/comments/7hob26/public_service_announceme… 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.

In reply to by Mine Is Bigger

GotGalt tmosley Wed, 12/06/2017 - 00:29 Permalink

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.

In reply to by tmosley

tmosley GotGalt Wed, 12/06/2017 - 00:35 Permalink

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.

In reply to by GotGalt

Buckaroo Banzai GotGalt Wed, 12/06/2017 - 01:36 Permalink

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.

In reply to by GotGalt

greenskeeper carl BaBaBouy Tue, 12/05/2017 - 22:49 Permalink

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.

In reply to by BaBaBouy

38BWD22 greenskeeper carl Tue, 12/05/2017 - 23:19 Permalink

  carlHey 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.

In reply to by greenskeeper carl

greenskeeper carl 38BWD22 Wed, 12/06/2017 - 00:08 Permalink

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.

In reply to by 38BWD22

38BWD22 greenskeeper carl Wed, 12/06/2017 - 00:17 Permalink

  "...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.

In reply to by greenskeeper carl