Bitcoin crosses $16,000, touches Rs 10 lakh in India

Global hedge funds jacking up price abroad, preparing to short it in futures when trade begins on Sunday

The price in India of bitcoin, the cryptocurrency, touched Rs 10 lakh this afternoon, when its price on major global exchanges crossed $16,000. It was $13,000 on Wednesday evening. Bitcoin has seen a high of $16,418 before it slipped back to below $16,000.  

While prices are rising sharply ahead of the launch of futures in this on US exchanges, the bitcoin community believes several hedge funds are preparing to short-sell it when derivatives trading begins on the CBoT and CME. CBoT bitcoin derivatives trading is beginning this Sunday; CME is launching it on December 18. These sources don’t rule out buying