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Bitcoin prices rally past $960; next stop $1,000

ForexDec 28, 2016 09:21AM ET
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© Reuters. Bitcoin prices rally past $960

Investing.com - Web-based digital currency bitcoin extended its recent rally in pre-New Year holiday trade on Wednesday, hitting its highest levels since January 2014 amid bullish momentum.

Bitcoin was trading as high as $970.44 on the New York-based itBit exchange, before falling back to $951.90 by 11:00AM ET (16:00GMT), up around 2% on the day.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rose 3.3%, to $961.84.

Elsewhere, yuan-denominated Bitcoin prices on Beijing-based Bitcoin OKCoin jumped 3.3% to $967.03.

The digital currency is up almost 30% so far this month amid heavy buying from China and India, as investors look to shield themselves from currency devaluations and cash shortages.

U.S. and European buyers also accounted for the bulk of trading volume, as traders look for safe havens following dramatic political shifts in the world economy.

For the year, Bitcoin is up a whopping 95%, making it one of the best performing assets of 2016.

Analysts say prices of the digital currency look set to test all-time highs of $1,216 in 2017 amid rising demand for alternative assets.

Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

Bitcoin prices rally past $960; next stop $1,000
 

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Yan Kovalenko
Yan Kovalenko Jan 01, 2017 11:27PM GMT
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Next stop is $1200
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Lazar Mateev
Lazar Mateev Dec 28, 2016 4:35PM GMT
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Before next halving we won't see next miracle as now. Wait till 1100 And sell
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Alex Lasan
Alex Lasan Dec 28, 2016 4:14PM GMT
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I hate to say it at this point but its like we were the guys arrogantly saying no the earth is the center of the solar system and it really isnt. We believe our beliefs will pay off but they really wont.
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Alex Lasan
Alex Lasan Dec 28, 2016 4:12PM GMT
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Bitcoin will keep going up no matter what you guys think just like the stock market wont crash and 2012 didnt happen and the dow almost at 20k.
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jess wang
jess wang Dec 28, 2016 4:09PM GMT
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worthless
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Alex Lasan
Alex Lasan Dec 28, 2016 4:16PM GMT
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Im up 95% on my investment ytd not that worthless unless you dont take profit.
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Alex Lasan
Alex Lasan Dec 28, 2016 4:17PM GMT
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Im up 95% on my investment ytd not that worthless unless you dont take and utilize profit for physical.
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Emil S
Emil S Dec 28, 2016 1:58PM GMT
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And then it's hacked and become completely worthless.
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LEE FreeFX
LeeForex Dec 28, 2016 4:17PM GMT
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That's a high possibility. But investing 2.5 percent of my portfolio wouldn't hurt. Lol
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Yan Kovalenko
Yan Kovalenko Jan 01, 2017 11:31PM GMT
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In case of hack we will get an option to buy at a good price
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