Bitcoin surges past $US9,000 to new record

Bitcoin surged past $US9,000 for the first time, just six days after topping $US8,000 and taking its year-to-date rise to more than 850 per cent.

The price of the largest cryptocurrency by market value is soaring as it gains greater mainstream attention despite warnings of an asset bubble. Everyone from Wall Street executives to venture capitalists has been weighing in with their thoughts on the digital currency, with some more skeptical than others.

Bitcoin climbed as high as a record $US9,518 before paring gains, according to composite pricing available on Bloomberg.

In another move towards mainstream investing, CME Group Inc. has said it plans to start offering futures contracts for bitcoin, which could begin trading in December.

The total market cap of digital currencies now sits north of $US290 billion, according to Coinmarketcap.com’s website.

The rapid appreciation has made it difficult for bullish analysts and investors to keep their predictions up to date. Hedge fund manager Mike Novogratz, who is starting a $US500 million fund to invest in cryptocurrencies, said last week that bitcoin would end the year at $US10,000. A day later, Fundstrat head of research Thomas Lee doubled his price target to $US11,500 by the middle of 2018.

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Source: Bitcoin surges past $US9,000 to new record – The Sydney Morning Herald