Markets
Bitcoin bubble fears grow
Stephanie Jacob | 01 Dec 2017 00:30
The closing days of November has witnessed Bitcoin being subjected to a roller-coaster ride. On Nov 28’s overnight trading, it breached the US$10,000 (RM41,000) mark and continued its surge to briefly surpass the US$11,000 mark the following day.

Then came the litmus test. As if to underscore the volatility of this new-age investment, Bitcoin prices plunged nearly 20% in less than 90 minutes after a massive spike in exchange traffic led to outages.

Bitcoin’s volatility over the past few days have served as fodder for those who believe that the cryptocurrency is trading at speculative and unsustainable levels.

The big question mark is what is driving Bitcoin’s and other cryptocurrencies’ price surge, according to MTC Asset Management (M) Sdn Bhd co-founder & executive director Donovan Ng.