Skip to main content

Bitcoin has continued its stratospheric rise and has now smashed past the $8,000 level for the first time.

Today Bitcoin was trading at $8,120, according to CoinDesk Data. The cryptocurrency may have seen this upward momentum in part due to a number of positive news stories last week which have supported Bitcoin prices. 

For example the European Central Bank Governing Council Member Ewald Nowotny, of the Bank of Austria, said on Thursday that legislators and central bankers are discussing whether they should intervene to regulate cryptocurrencies, as China already has done. 

"We're asking ourselves if legislators or central banks should intervene, as happened in China where they banned (the use of cryptocurrencies) because they consider them fraudulent," Nowotny said at a conference in Florence, according to Reuters. 

Image placeholder title

There have been a number of other positive stories emerging recently where there has been rising interest from institutional investors and exchanges allowing new participants to access Bitcoin. One such announcement includes the Chicago Mercantile Exchange (CME) Group, which plans to launch Bitcoin futures soon.

Last week, Swiss bank Vontobel also said it will start trading Switzerland's first two mini futures to short investors on Bitcoingiving, a tool to bet against the value of the volatile cryptocurrency or to hedge Bitcoin positions. 

But beware it doesn't take much to push Bitcoin prices down The sudden dip in Bitcoin's price dip last weekend on November 12 saw Bitcoin fall below $5,500, when traders suddenly shifted to Bitcoin's offshoot, Bitcoin Cash. The main driver for the Bitcoin slide was the news that an anticipated software upgrade known as "SegWit2x," which was planned for November 16, would be suspended. 

Remember when Peter Schiff said that if Bitcoin can hit $8,000, it can hit $80,000?

More of What's Trending on TheStreet: