Bitcoin smashes $15000-mark in latest record as concerns mount

Illustration by Alex Castro  The Verge

Illustration by Alex Castro The Verge

The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to a pint of beer, hit the $12,000 mark for the first time.

Bitcoin's astonishing rise continues, and its recent surge past the psychologically significant $15,000 mark has seen its market cap rise to over $260 billion, which means it would now be included among the largest top 20 stocks in the S&P 500.

That was less than current prices on the Kraken exchange, where Bitcoin was trading at $13,672 for a one-day gain of $1,948.

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Bitcoin was quoted at least at high as $18,500 on Coinbase's GDAX before falling as low as $15,101.

"I truly don't think people are involved on a mass scale yet. Now we need people profiting immensely all around us and making forecasts for $1 million, etc., for it to truly have reached a euphoric peak", Newton said. As the digital currency skyrockets, many of us ponder upon what is happening and how it is possible for something that was worth $100 back in 2011, to multiply its value by 170 times for 6 years. Cboe Global Markets, a Chicago-based firm, will be launching bitcoin futures on Sunday, a move that is both highly anticipate by traders, and largely expected to send bitcoin and other digital currencies even higher. Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are "going to be the biggest bubble of our lifetimes".

From a currency associated with terrorism and illegal activities to developing into a "mass frenzy", Bitcoin's value has surpassed all expectations and many bears have turned into bulls now. Its content is produced independently of USA TODAY.

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