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Bitcoin tops $11,000 barrier after $1,000 surge in 12 hours

bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds

Reuters  |  London | New York 

Bitcoin zoomed past $11,000 to hit a record high for the sixth day in a row on Wednesday after gaining more than $1,000 in just 12 hours, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion. After soaring more than 1,000 percent since the start of the year, bitcoin rose as much as 15 per cent on Wednesday. It topped $10,000 for the first time in early Asia trading, before surging above $11,000 less than 12 hours later to reach $11,395 on Luxembourg-based Bitstamp, one of the largest and most liquid cryptocurrency exchanges, and then ...

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First Published: Wed, November 29 2017. 21:53 IST