(Updates bitcoin price)
By Jemima Kelly
LONDON, Dec 4 (Reuters) - Bitcoin dipped back under $11,000
on Monday, coming off a record high just shy of $11,800 it hit
on Sunday after a surge from less than $1,000 at the start of
The cryptocurrency, which trades 24 hours a day and seven
days a week, climbed as high as $11,799.99 on the
Luxembourg-based Bitstamp exchange at around 2100 GMT
It was not clear what caused the move higher over the
weekend other than new investors joining the upstart market,
with so-called wallet-providers reporting record numbers of
sign-ups over the past week.
Analysts said Friday's announcement by the main U.S.
derivatives regulator that it would allow CME Group Inc and CBOE
Global Markets to list bitcoin futures contracts had turned
sentiment positive after a choppy week.
"The price rises are triggered by continued media interest
driven by the expectation of futures trading on CME," Charles
Hayter, founder of data analysis website Cryptocompare, said.
By 1310 GMT on Monday, bitcoin had slipped back to around
$10,919, down 2 percent on the day but still up more than 100
percent over the past three weeks. Sunday's high marked a 1,121
percent increase since the start of the year.
Think Markets analyst Naeem Aslam said reports Britain wants
to increase regulation of bitcoin and other digital currencies
by expanding the reach of European Union anti-money-laundering
rules that force traders to disclose their identities and report
suspicious activity, had knocked bitcoin off its highs.
But others said greater regulatory scrutiny would help.
"If anything, regulation will only increase bitcoin's rate
of growth as regulation lends credibility and engenders trust,"
Nicholas Gregory, CEO of London-based cryptocurrency firm
Sunday's record high for bitcoin came as Venezuelan
President Nicolas Maduro announced the launch of the "petro",
which he said would be a cryptocurrency backed by oil reserves,
to shore up a collapsed economy.
Opposition leaders said the digital currency would need
congressional approval and some cast doubt on whether it would
ever see the light of day in the midst of turmoil.
(Reporting by Jemima Kelly; editing by Alexander Smith)
First Published: 2017-12-04 15:00:33
Updated 2017-12-04 15:16:28
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.