Bitcoin frenzy drives coinbase App to No

Ivan Schwartz
December 10, 2017

The digital currency surged past the $15,000 mark, and now trades at $15,537.85, according to Coindesk.

Brandt documented the list price to buy Bitcoin from Coinbase as $18,238.30 while the actual value of the cryptocurrency at the time was $16,000.

Coinbase, one of the most user-friendly Bitcoin services, shot up to the top spot on Apple's App Store's most-downloaded free app chart on Thursday.

International Business Times reached out to Coinbase regarding the price difference but did not receive a response at the time of publication.

"It goes without saying that prices have reached a level where sentiment is exhibiting short-term euphoria", said Mark Newton, managing member at Newton Advisors, in a note to clients.

"I truly don't think people are involved on a mass scale yet. Now we need people profiting immensely all around us and making forecasts for $1 million, etc., for it to truly have reached a euphoric peak", Newton said.

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Between 5 and 6 a.m.

Bitcoin was trading below $8,000 two weeks ago. Chicago-based is planning to launch bitcoin futures on Sunday, while the world's largest futures exchange, is set to launch its futures product the following week. Bitcoin fever is at its pinnacle and there's no better proof to gauge it with the exception of by watching this application that gives you a chance to purchase the digital currency.

At the time of writing Bitcoin is fetching US$16,875 according to Coinbase. Whether its app remains as popular as bitcoin itself will likely depend on whether bitcoin ends up being as valuable as it promises, or a get-rick-quick scheme that's full of nothing but hype. JPMorgan Chase Jamie Dimon has called bitcoin a "fraud".

Bitcoin prices are hockey-sticking on a hockey stick.

Why has the worth of a bitcoin risen so astronomically in the course of hours?

Other reports by GizPress

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