Bitcoin mania reached new highs Thursday as the price of the digital currency jumped about 40% in 40 hours, smashing through five separate $1,000-barriers and surging past $16,000.
At one point Thursday, the price briefly jumped above $19,000 on some exchanges, before quickly retreating. At 5 p.m. in New York, bitcoin was trading at $16,109, up 17% for the day, before it bounced above $17,000 again in evening trading.
Even...
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I expected the media to harp on this volatility. Of course, people who bought at $19000 must be feeling sheepish now, but that is not the defining feature of Bitcoin. It will be interesting to see how the futures handle this volatility. You have the equivalent of circuit breakers, which limit the maximum movement of futures.
