According to Coindesk.com, Bitcoin reached $16,663.18 (£12, 358.35), having soared over 50% in a week and just days before a US regulator agreed to let two traditional exchanges, CME Group and CBOE Global Markets, begin trading in Bitcoin-related financial contracts.
Critics have said that Bitcoin is going through a pricing bubble set to burst, and the UK’s Financial Conduct Authority warned investors in September 2017 that they could lose all their money if they buy digital currencies issued by firms, known as “initial coin offerings.”
But it looks like Bitcoin will not be slowing down any time soon, as Australia’s main stock exchange has said it will become the first global market to use the Blockchain technology behind Bitcoin to clear and settle trades.
The Australian Securities Exchange (ASX) chief executive Dominic Stevens said the move to distributed ledger technology – also known as blockchain – will “put Australia at the forefront of innovation in financial markets”. The ASX has been working with the US-based blockchain start-up Digital Asset Holdings to develop the new system since January 2016.