As reported by Business Insider's Oscar Williams-Grut, the bank's market "strat" team polled clients on bitcoin. The low today was $11,670 so the record represents a gain of $1,128 in less than 24 hours. Trading volume has expanded slightly over the last day.
Finance experts and investors are curious to know how bitcoin would actually fare in the coming year. Value of the currency has increased by over 1,000 percent over the past year, however, there are warnings of it becoming a bubble. The cryptocurrency has risen 10.2% in the past 24 hours and its total market cap now stands at almost $218 billion.
On November 28 the value of one bitcoin was Dollars 9,791 and on December 3, it reached its all-time high of USD 11,828, according to Coindesk, Bitcoin Price Index. "It may be that we want speed up our use of these kinds of thing in this country, but that makes it all the more important that we don't have a regulatory lag". Major exchanges, such as the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE), outlined that they would introduce futures contracts in their exchanges. Many argue that this is partly responsible for the recent surge in the price of bitcoin.
While others have already opened bitcoin futures, Ally is focused specifically on the CME offering, Hagen said.
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Bitcoin is notching new heights every couple of days.
Ally Invest's support of bitcoin futures is slated to go live on its platform on December 18. However, if bitcoin continues on up for some time, they can lose their shirt.
On December 4, bitcoin had dipped below the previous high of United States dollars 11,000, coming off just shy of USD 11,800. Such is the speed and the volatility that this appears to be a real possibility at this point of time.