Bitcoin juggernaut hits new high of $15000

Roslan Rahman  AFP  Getty Images

Investors smile all the way to the bank with the latest rally but should be prepared for a correction. Why is it that the price of bitcoin varies depending upon where one looks? While many thought that Zimbabwe enjoyed a price level of around $14,000 that is not easily attainable in other countries, today Bitcoin gained over $1,200 in just 24 hours. Data shows the total value of all cryptocurrenices is now nearing $400 billion, up from just under $10 billion at the start of 2017.

Craig Erlam, senior market analyst at Oanda, said: "It will be interesting to see what happens once Bitcoin futures are launched on Cboe and CME and traders are given the chance to short, should they be fearless enough". Nasdaq is also planning to offer futures by next year.

Speaking to the development, crypto hedge fund manager Alex Sunnarborg, of Tetras Capital, reported the likely culprit is a fear-of-missing-out now ensnaring both long-time market observers as well as new investors as the cryptocurrency prepares for its debut in futures products next week.

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A new report has revealed a huge majority of United Kingdom institutional investors think bitcoin represents an unsustainable bubble.

"People who had bitcoin and went into alts are going back into bitcoin", Sunnarborg said to Coindesk. Indeed, the Bitcoin is due for a strong correction after a price increase of almost $5000 in just more than 2 weeks. Chinese authorities banned bitcoin trading and initial coin offerings earlier this year, while Indonesia approved a bill prohibiting bitcoin transactions from next year.

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