Bitcoin breaks through $12000... then $13000... like it's no big deal

Bitcoin breaks through $12000... then $13000... like it's no big deal

Is Bitcoin about to break the law of gravity? Maybe not for Bitcoin. The RBI said it wanted to reinforce its previous message to "users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs".

On Wednesday, the price of one bitcoin broke through $12,000, a first for the cryptocurrency.

Bitcoin has however suffered a series of depreciation this year, a reminders of its extreme volatility after it's sharp dive to $2,000 per coin from $11,000 last week before it continued it's climb. Bitcoin now has a market value of about $213 billion. At this writing, the cryptocurrency was trading at $12,116 against the U.S. dollar, a little more than a week after passing $9,000. Investors are pouring to cash on fear of losing out (FOMO).

Turkey detains 17 for 'providing USA with information' for Zarrab case
Defense attorney Victor Rocco has raised questions over Zarrab's credibility, suggesting he made a deal to get out of jail free. He said he had a "close relationship" with Suleyman Aslan, who was Halkbank's general manager and Atilla's superior until 2013.

As the exchange price has surged, the valuation of all the circulating bitcoins, or as it is called, the market cap of bitcoin reached United States dollars 198 billion (Rs 12.75 lakh crore) on December 3.

The celebration is in full swing as Bitcoin continues its upward momentum, reaching a new all-time high as it smashes through the $13,000 mark.

Bitcoin's moves dwarfed any traditional currency's once again, with the cryptocurrency hitting a new record high of more than $12,500, up nearly 7% on the day. It is left to be seen if Bitcoin will sustain the current rally.

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