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Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history


 


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 1 year ago '15        #1
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BuyGold 3007 heat pts3007
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Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history
 

 
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The world’s most prominent digital currency was on track to mark a fresh milestone on Friday, with bitcoin rallying and putting the cyber currency in position to hit a total market value of around $100 billion.

Such a valuation would place the No. 1 cryptographic currency above or on par with blue-chip companies on the Dow Jones Industrial Average DJIA, +0.71% like United Technologies Corp UTX, +1.21% with a market value at $96 billion, American Express Co. AXP, +0.21% at $82 billion, Caterpillar Inc. CAT, +0.45% at $77 billion and Travelers Cos. Inc. TRV, +0.11% at $36 billion.

To be sure, it is questionable to draw value parallels between the a*set and more traditional companies, but it highlights the stratospheric rise of bitcoin BTCUSD, +3.75% which didn’t exist a decade ago:

A single bitcoin also broke above a milestone of $6,000, reaching an intraday high of $6,064.14 Friday afternoon, according to research and data site CoinDesk.com. Bitcoin also boasted a market value of roughly $100.81 billion at its peak on the day, according to data site Coinmarketcap.com. The move comes just as the Dow cleared its own psychologically important level of 23,000 on Wednesday.

The Dow has enjoyed an impressive run-up of 17% year to date, the S&P 500 index SPX, +0.51% has climbed nearly 15% so far this year, while the Nasdaq Composite Index COMP, +0.36% has charged up more than 23% thus far in 2017.

However, those paper gains pale in comparison with bitcoin’s run-up. The cyber unit has surged a mind-numbing 520% over the past nine months from $968.23 on Dec. 31, 2016.

Iqbal Gandham, U.K managing director at eToro, a trading platform, said continued buying in bitcoin ahead of a hard fork later in October that will create another version of bitcoin is helping to stimulate investment. So-called Bitcoin Gold, designed to address challenges mining for bitcoin using computers to solve complex problems, will be launched on Oct. 25.

Then on Nov. 18, bitcoin will face a second version of Segregation Witness, or SegWit2x.

Both so-called hard forks are expected to create alternative versions of bitcoin, with owners of the core currency being granted the newer versions on a one-for-one basis.

Diminished expectations that China will ban cryptocurrency exchanges also has helped boost bitcoin’s value. Beijing is expected to require a license to operate bitcoin platforms rather than banning them outright, as had been feared earlier, according to recent reports.

“It’s the flow of positive news clarifying earlier rumors which is moving the price up,” Gandham said.

Jason English, vice president of protocol marketing at Sweetbridge, a blockchain related company, chalked recent moves higher to growing enthusiasm around bitcoin and other cyber units.

“It’s an exciting time to be in cryptocurrencies today,” he said. “More and more individuals and businesses are viewing bitcoin as a store of value that they should be exposed to”

Of course, there are no dearth of critics who see the rapid ascent of digital currencies as a bubble.

J.P. Morgan Chase & Co. JPM, +1.43% CEO Jamie Dimon has been one of the more vocal critics of the currency as a store of value.

“If you’re stupid enough to buy it, you’ll pay the price someday,” he said during a panel discussion last week. Meanwhile BlackRock’s head Larry Fink has described bitcoin as “an index to launder money.”

The No. 2 most prominent cryptocurrency, Ether tokens on the Ethereum blockchain, meanwhile, were also higher. One Ether token was recently valued at $307.
visit this link http://www.marketwatch.co .. ory-2017-10-20

106 comments for "Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history"

 1 year ago '13        #2
Trell627 
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#Dumbo

 1 year ago '06        #3
01seay 89 heat pts89
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 Trell627 said
#Dumbo
“I could’ve bought a place in Dumbo before it was Dumbo / For like two million / That same building today is worth 25 million / Guess how I’m feeling? Dumbo,”


 1 year ago '06        #4
new2hiphop 2 heat pts
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 1 year ago '05        #5
Ari Gold 342 heat pts342
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These were worth what? Slightly over $1000 to begin the year? Wtf is going on?

 1 year ago '15        #6
PolygonMafia 4 heat pts
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Got 43,400$ worth ready to sell.

I wish I would've got more back in the day when they were worthless. A friend of mine is retired because of the money he made being an early bitcoin hoarder and stock trading

 1 year ago '12        #7
Pimpointment 
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I'm bout ready to get my mine on

 1 year ago '12        #8
Pimpointment 
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If anyone got any tips on ways to come out on top help a new one

 1 year ago '13        #9
jboxden 
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this is crazy news

 1 year ago '04        #10
D.A.R.S. 5 heat pts
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Mining doesn’t really work too much from what a few people who do mine told me. They said with way it is now you’re getting like .0002 per day if you’re lucky.

 1 year ago '11        #11
ProppaProp 
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I'm expecting a pullback in bitcoins price shortly after the fork occurs.

My strategy is to sell a good portion of my bitcoin before the fork. I'm going to use that bitcoin to invest into alt coins, and also usdt.

After the fork bitcoins price should drop and alt coins should thrive.

Once bitcoin pulls back im going to buy back in with my usdt.

Some good alts are neo, omg, xrp, vrt, nav, ark

 1 year ago '15        #12
asap711 1 heat pts
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Shoutout I have some investments in crypto currency.

 1 year ago '11        #13
Pakchoy 936 heat pts936
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 D.A.R.S. said
Mining doesn’t really work too much from what a few people who do mine told me. They said with way it is now you’re getting like .0002 per day if you’re lucky.
its more complicated to mine nowadays but its much easier to mine etherum which can be converted to bitcoin. Thats the angle im going for once my server is done

 1 year ago '11        #14
Pakchoy 936 heat pts936
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 ProppaProp said
I'm expecting a pullback in bitcoins price shortly after the fork occurs.

My strategy is to sell a good portion of my bitcoin before the fork. I'm going to use that bitcoin to invest into alt coins, and also usdt.

After the fork bitcoins price should drop and alt coins should thrive.

Once bitcoin pulls back im going to buy back in with my usdt.

Some good alts are neo, omg, xrp, vrt, nav, ark
XRP i got. Bought 10,000 coins and been buying and selling them on a daily basis on bitstamp.

 1 year ago '16        #15
Brucebaner2 1 heat pts
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 Pakchoy said
its more complicated to mine nowadays but its much easier to mine etherum which can be converted to bitcoin. Thats the angle im going for once my server is done
What do you mean your server?

 1 year ago '10        #16
OB2 4 heat pts
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...


Last edited by OB2; 11-15-2017 at 07:58 PM..

 1 year ago '16        #17
Knucklez 3 heat pts
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 ProppaProp said
I'm expecting a pullback in bitcoins price shortly after the fork occurs.

My strategy is to sell a good portion of my bitcoin before the fork. I'm going to use that bitcoin to invest into alt coins, and also usdt.

After the fork bitcoins price should drop and alt coins should thrive.

Once bitcoin pulls back im going to buy back in with my usdt.

Some good alts are neo, omg, xrp, vrt, nav, ark
what the hell is the fork? im guessing that means a stock drop

 1 year ago '16        #18
Knucklez 3 heat pts
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remember not too long ago



They knew this sh*t was comin

 1 year ago '17        #19
Universalmind88 
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Scam bitcoin I'll never pay for sh*t

 1 year ago '11        #20
Pakchoy 936 heat pts936
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 Brucebaner2 said
What do you mean your server?
Basically building a server for my garage to mine eth. Planning to use 4 platinum gpu, 100gb solid state and 16 gb ram. With the provessing power of the gpu's I should be able to make a lot of eth and just trade them out for other currencies

 1 year ago '16        #21
Brucebaner2 1 heat pts
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 Pakchoy said
Basically building a server for my garage to mine eth. Planning to use 4 platinum gpu, 100gb solid state and 16 gb ram. With the provessing power of the gpu's I should be able to make a lot of eth and just trade them out for other currencies
How much is your investment and how long do you think it will take you to break even?

 1 year ago '11        #22
Pakchoy 936 heat pts936
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 Brucebaner2 said
How much is your investment and how long do you think it will take you to break even?
Investment would be a little over 5k. By joining the right mining pool and having 4 gpu's on board I should break even by the 2nd month.

 1 year ago '05        #23
Avenger772 14 heat pts14
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I'm mad I didn't buy this sh*t when it first dropped. But the way people were describing it I didn't even come close to understanding what the application for it was. People kept saying it was video game money and sh*t.

 1 year ago '12        #24
Phuck Yiu 35 heat pts35
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My dumbass only bought 300$ worth

 1 year ago '12        #25
MemphisAmbition 
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Biggest thing I see here is don't be saying this same thing next year guys. Get in the game.

Even if you take a loss... just like with anything else in life.. at least shoot your shot.

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