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Bitcoin Is Growing Up

Sunday has taken on a big game feel as bitcoin fans and Wall Street watch futures trading kick off on the Cboe at 6:00 p.m. EST. Will prices explode higher? Will they crash? In advance of trading today, bitcoin prices stayed in a tight range with a high of $15,634.94 and a low of $13,152.53 according to CoinDesk.

Prices as of 6:08 p.m. EST popped to $15,740. They pulled back some to $15,346 as of 7:30 p.m. EST. before spiking to more than $16,259 at 10:00 p.m. EST.

A spokesperson for Cboe said high traffic to its website slowed down its website. Trading was unaffected and continued in an orderly fashion, the spokesperson added.

#Bitcoin #Futures trading crashed the CBOE sites in a few minutes of trading. #Bitcoin # pic.twitter.com/bmsXhPoawm

— Dr Aman Saggu (@aman_saggu) December 10, 2017

The first casualty of the #Bitcoin Future: Cboe site appears to be down since #bitcoin futures started trading. pic.twitter.com/ToluDAKpVj

— Holger Zschaepitz (@Schuldensuehner) December 10, 2017

Bitcoin finally goes respectable, with futures sold on the CBOE.

Lemme check its price.

Oops. pic.twitter.com/oDYJhudbbs

— Justin Wolfers (@JustinWolfers) December 10, 2017

No matter what happens this evening, bitcoin futures trading will be the talk of the town on Monday morning. To see why the launch is long-term bullish for bitcoin, check out this nifty write-up from yours truly. Full disclosure: I downloaded my first bitcoin news app today. 

Looking for a stock play on bitcoin's rise? Check out Action Alerts PLUS holding Nvidia (NVDA - Get Report) .

Someone Is Selling This McLaren 720S In #Bitcoin Only �� https://t.co/w3s03dW6t0

— Brian Sozzi (@BrianSozzi) December 10, 2017

All Eyes on Wells Fargo's Stock

Wells Fargo's (WFC - Get Report) stock has been on a quiet tear over the last month, up a cool 10%. Fueling the gain has been the general rotation into bank stocks following Trump's tax plan getting Senate approval. But, Wells Fargo investors could be in for a return of dreadful sessions in light of a new tweet from Trump. As Trump puts it, he is ready to take stronger action against Wells Fargo for its fake account scandal. 

"Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased," Trump said in a tweet on Friday. "I will cut Regs but make penalties severe when caught cheating!"

Long-time Wells Fargo shareholder Warren Buffett probably didn't take too kindly this tweet. 

Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!

— Donald J. Trump (@realDonaldTrump) December 8, 2017

Tech Stocks Back?

What worrying tech stock sell-off? Although the Nasdaq Composite fell slightly during the last five sessions, the leadership group known as FAANG came back nicely. To see the group show some oomph (except for Apple...) amid a rotation into industrials off the tax plan has to be encouraging to stock market bulls

For their sake, the strength best continue into year end. 

Five-Day Performance: FAANG

Facebook, Apple, and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells these stocks? Learn more now.

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