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Bitcoin surges above $15,000 after climbing $2,000 in 12 hours

Bitcoin surges above $15,000 after climbing $2,000 in 12 hours
From Reuters - December 7, 2017

LONDON (Reuters) - Bitcoin rocketed above $15,000 for the first time on Thursday, after adding more than $2,000 to its price in fewer than 12 hours.

Bitcoin, the worlds biggest and best-known cryptocurrency,has seen a more than fifteenfold surge in its value since the start of the year.

It climbed to as high as $15,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT, leaving it up more than 12 percent on the day, having traded just above $13,000 12 hours earlier BTC=BTSP.

Many market-watchers said the launch this weekend of bitcoin futures by CBOE, one of the worlds biggest derivatives exchanges, was helping drive up the price on expectations it would draw more investors to the market.

Futures trading will mean more demand...and is a form of ratification of the underlying tech - bitcoin and cryptocurrencies in general. They are now on the main stage, said Charles Hayter, founder of cryptocurrency data analysis firm Cryptocompare.

But some are warning that the launch of bitcoin futures, which will allow investors to take speculative short positions on the cryptoccurrency, as well as long positions, could cause even greater volatility.

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