Bitcoin Holding below Record Highs

Investing.com – The price of bitcoin was holding below all-time highs on Monday after rising above the $11,800 level on Sunday for the first time in its nine-year history.

On the U.S.-based Bitfinex exchange, was at $11,315.00 by 05:44 AM ET (10:44 GMT) near an intra-day high of $11,545.00.

Bitcoin peaked at $11,842.00 on Sunday, capping a surge of around 30% since Thursday, when prices fell to a low of near $9000 after tumbling more than 20% from last weekend’s high.

Bitcoin, which is known for wild swings, has tended to rebound quickly from pullbacks.

Prices have rallied ahead of the start later this month of bitcoin futures trading, a potentially major step in the evolution of the digital currency.

The U.S. Commodity Futures Trading Commission said Friday it would allow two major exchanges to launch bitcoin futures.

CME Group, the world’s largest derivative exchange operator, said its bitcoin futures would launch December 18 while Cboe Global Markets said it will shortly announce the start date for its new bitcoin contract.

Bitcoin’s price has risen dramatically in 2017. For the year, bitcoin is up around 1,000%, having started 2017 at $968.23 and is the biggest gainer of all asset classes this year…

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