By Evelyn Cheng
- Bitcoin crossed the $14,000 mark on at least one exchange after rising above $12,000 less than 24 hours earlier.
- The digital currency’s latest swing higher comes after a 20 percent plunge last week.
- The overall pace of gains have accelerated in the last several weeks ahead of the launch of bitcoin futures by major exchanges.
The landmark happened on the Coinbase exchange just before 6 p.m. ET, and it traded as high as $14,344.22 on that platform.
The digital currency’s gains accelerated after crossing the psychologically key level on Tuesday night. Bitcoin now has a market value of more than $230 billion, meaning it would rank among the 20 largest stocks in the S&P 500.
“While we launched [in the U.S.] just a week ago, bitFlyer has already seen strong interest from institutions looking to gain exposure to bitcoin. We’re glad to have expanded to the US at this time with so much interest due to the impending Bitcoin futures launches,” bitFlyer COO Bartek Ringwelski, said in an email. The Tokyo-based digital currency exchange is the largest in the world by trading volume and announced last week it received a “BitLicense” to operate in New York.
However, many remain critical of bitcoin. JPMorgan Chase Jamie Dimon has called bitcoin a “fraud.” Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are “going to be the biggest bubble of our lifetimes.” Novogratz also predicted last week that bitcoin could reach $40,000 by the end of next year.
Bitcoin three-month performance
The bitcoin offshoot, bitcoin cash, traded 2.5 percent lower near $1,465, while ethereum traded 6 percent lower near $435, according to CoinMarketCap.