Bitcoin soars by $4000 in one day to $18000

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On November 28 the value of one bitcoin was Dollars 9,791 and on December 3, it reached its all-time high of USD 11,828, according to Coindesk, Bitcoin Price Index. The Futures Industry Association, a trade association that represents Wall Street banks, brokerages and clearinghouses, sent a letter to the Commodities Futures Trading Commission this week, saying the institutions should have been consulted before trading in bitcoin futures was approved. Morgan Stanley declined to comment.

Although Coinbase didn't say why it's experiencing so much traffic, it's pretty clear it has something to do with bitcoin's skyrocketing prices over the past few days.

Bitcoin was quoted at least at high as $18,500 on Coinbase's GDAX before falling as low as $15,101.

Proponents of Bitcoin and digital currencies see crypto not only as a profitable market, but also an alternative to traditional money which can empower the common man to upend the establishment and take control of the financial system. Futures allow for the shorting of bitcoin - that is betting that the price of bitcoin will go down - which presently is very hard to near impossible to do. With the currency's tremendous run up in price, it could become a target for those who doubt that it deserves its current lofty value.

Prices vary across different exchanges.

The Tokyo-based digital currency exchange is the largest in the world by trading volume and announced last week it received a "BitLicense" to operate in NY.

Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers. This week the currency rose with nearly 40%, exciting common people and speculators and worrying governments and central banks around the world. Others say they can be helpful methods of payment, such as in crisis situations where national currencies have collapsed. What this new bitcoin product means is that its legitimacy is confirmed. "In Venezuela, after observing the rise of bitcoin, the government announced it would launch its own virtual currency called "The Petro" to get around US sanctions." .

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