Bitcoin is on a rollercoaster ride this week. The price rose about $20,000 on some exchanges, but on others, it stayed around $16,000. Ryan Surber, Contributor for Seeking Alpha, and Daniel Roberts, Senior Writer at Yahoo Finance, take a look back at the week in cryptocurrency.
Amid this roller coaster, big finance is rushing in to get a piece of cryptocurrency. Groups are now racing for bitcoin derivatives. Roberts argues the price of Bitcoin rose so much this week because the Chicago Board Options Exchange announced they will launch Bitcoin futures on December 10. The question now becomes, will futures begin Sunday night with CBOE, and what that will do to the price, says Roberts.
Surber says his price target is $90,000 for Bitcoin over the mid-term. Roberts says he doesn't think this number is so crazy. When looking at the impact of small investors on this cryptocurrency, Surber says this market has just scraped the surface.
Eliott Wellenbach, vice president and institutional ETF strategist with Direxion, joined Cheddar News to discuss what traders are expecting from consumer spending ahead of the holidays and how they're positioning themselves following the latest inflation data and mortgage rates.
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