Bitcoin rallies above $12,000 to record maximum on relentless demand

Bitcoin rallies above $12,000 to record maximum on relentless demand

On Wednesday, Bitcoin managed to extend its eye-popping rally, jumping above $12,000 to a record maximum notwithstanding questions about the cryptocurrency's real value as well as worries about a dangerous bubble.

Bitcoin got a powerful boost after Friday's announcement by the major American derivatives regulator that it would permit CME Group Inc as well as CBOE Global Markets to have bitcoin futures contracts listed.

The given move actually opens the door to added regulation and also more mainstream adoption because bitcoin futures along with other derivatives would simplify trading the new asset class.

Bitcoin's shocking leap over 10-fold from $1,000 at the start of 2017 has generated regulatory scrutiny around the globe.

Moreover, some high profile individuals, including Nobel Prize-winning economist Joseph Stiglitz have told that the cryptocurrency needs to be immediately forbidden.

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S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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