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Bitcoin rises above $ 12,000 to reach a record in unceasing demand

TOKYO (Reuters) – Bitcoin extended its dazzling rally on Wednesday, surpassing $ 12,000 to a record level despite questions about the real value of the cryptocurrency and worries about a dangerous bubble.

PHOTO OF THE FILE: A copy of the bitcoin foot on the PC motherboard is seen in this illustration, October 26, 2017. REUTERS / Dado Ruvic / Stock Photo

Bitcoin received a boost after the announcement of the main regulator of derivatives of the EE. UU It would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts.

The move opens the door to additional regulation, but also to greater adoption of the mainstream, as bitcoin futures and other derivatives would facilitate trade in the new asset class.

The meteoric rise of Bitcoin more than 10 times from less than $ 1,000 at the beginning of the year has attracted regulatory scrutiny around the world.

Some high-profile individuals such as Nobel Prize-winning economist Joseph Stiglitz have said that cryptocurrency should be prohibited.

"It took a long time to establish the methodology and the way bitcoin was marketed, the original appeal came from the fact that they were not regulated, however, it moved clearly from those shadows to center stage," said Mick McCarthy, chief market strategist at CMC Markets in Sydney.

"We are in the throes of a bubble market, and one of the characteristics of a bubble market is that there is no way to know when the bubble will burst."

The current fashion of bitcoin and cryptocurrencies in general, have been compared by some with the hobby of the Dutch tulip of the seventeenth century and more recently with the bubble of the dotcom.

Bitcoin rose 4.48 percent to $ 12,200.40 on the Luxembourg-based Bitstamp BTC = BTSP after climbing to the record high of $ 12,276.00.

"There is a lot of money flowing into Bitcoin right now, mainly motivated by the" fear of getting lost "and greed," said Leonhard Weese, president of the Bitcoin Association of Hong Kong.

Shinichi Saoshiro report; Additional report by Michelle Chen in Hong Kong; Edition by Sam Holmes & Shri Navaratnam

Our standards: The principles of trust of Thomson Reuters.

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