For the year, bitcoin is up around 1,500%, having started 2017 at $968.23.
The landmark happened on the Coinbase exchange at 10 a.m. London time on Thursday, and it traded as high as $15,200 on that platform.
However, this hasn't slowed down Bitcoin, more and more people across the world are taking their chances on the bitcoin lottery, with institutional investors getting ready for crypto trading. Passing the $400 billion took less than two weeks, the amount of time that it took for the market to traverse the distance between $100 billion to $200 billion. On November 29, the cryptocurrency set a historical record, rising by more than 10% and breaking the $11,000 mark.
In a Bloomberg interview, Davies called bitcoin's price rise a "frothy investment bubble" and "irrational exuberance". "That's what's needed, and it needs to be done by the Federal Reserve, the SEC, and the Bank of England and the European Central Bank at the same time".
Many market-watchers said the launch this weekend of bitcoin futures by CBOE, one of the world's biggest derivatives exchanges, was helping drive up the price on expectations it would draw more investors to the market.
Davies might have a point.
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"We had done some tests before on the main net, but this was the first payment on the bitcoin blockchain across implementations", Stark said in an email.
"Aggressive traders, such as hedge funds and algorithm-driven funds, (will be able) to use this futures market to enter bitcoin trading with high levels of liquidity for aggressive short-selling and knock the prices really low", said Think Markets analyst Naeem Aslam. CoinDesk, the industry website reported that the digital currency reached $12,198.57.
Aslam said bitcoin was "defying gravity".
A steady stream of about 3,600 new bitcoins are created a day - with about 16.5 million now in circulation from a maximum limit of 21 million.
CME Group (NASDAQ:) will begin initial listings of bitcoin futures contracts on December 18. But that climb is not necessarily predicated on optimism about the digital currency's future prospects.
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