Bitcoin breaks above $12000 for the first time

UPDATE 1-Hackers steal $64 mln from cryptocurrency firm NiceHash

UPDATE 1-Hackers steal $64 mln from cryptocurrency firm NiceHash

Bitcoin, the scorching-hot cryptocurrency, broke through $13,000 a coin for the first time Wednesday.

On November 28 the value of one bitcoin was Dollars 9,791 and on December 3, it reached its all-time high of USD 11,828, according to Coindesk, Bitcoin Price Index.

The cryptocurrency continues to astonish investors around the globe by exponential rise in 2017. Value of the currency has increased by over 1,000 percent over the past year, however, there are warnings of it becoming a bubble. The real breakthrough happened in the early hours of today's morning session, when the cryptocurrency gained enough momentum for a sustained run above $12,000.

Jamie Dimon, CEO of JPMorgan Chase considered bitcoin as "fraud" and, called people investing in it as "stupid".

United Kingdom and European Union leaders are planning a crackdown on the Bitcoin amid fears tax evasion and money laundering. For Ally, this is about continuing to offer investors "choice", Hagen said.

Its breath-taking rise has prompted warnings of an increasingly unsafe speculative bubble and given rise to comparisons to the 17th century Dutch tulip mania and more recently the dotcom bubble.

Chief Executive Officer of Tokyo Financial Exchange, Shoza Ohta, told reporters that the exchange is planning to set up a working group in January to study the scope of cryptocurrencies. Major exchanges, such as the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE), outlined that they would introduce futures contracts in their exchanges. Michael Novogratz, Former Fortress Hedge Fund Manager, estimated that that bitcoin's price would rise at least four time in the coming 13 months. Novogratz also predicted last week that bitcoin could reach $40,000 by the end of next year.

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