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Bitcoin Surges Past $7000 Extending Its Record Rally This Year

Mac Slavo
November 2nd, 2017
Comments (15)


Cryptocurrencies are up 640% this year.  And for the first time, in a record-breaking rally, Bitcoin has blown past $7000 and it isn’t showing signs of slowing down just yet.

Bitcoin climbed past $7,000 for the first time, breaching another milestone less than one month after it tore through the $5,000 mark. As per CoinMarketCap, bitcoin is up over 20.56 percent for the last 7 days, and its market capitalization has now peaked at over $116 billion.

The digital currency got new impetus this week after CME Group Inc., the world’s largest exchange owner, said it plans to introduce bitcoin futures by the end of the year, citing pent-up demand from clients. Sceptics including Themis Trading say the rally is evidence that the software-created asset is a bubble that should not be given regulatory cover.

“It is simply remarkable how resilient bitcoin has been in the face of significant negativity,” said Lukman Otunuga, a research analyst at ForexTime, in a Nov. 1 note to clients. “The price action suggests that bulls have a very firm grip.” –Bloomberg

Spot pricing for bitcoin climbed as much as 7.1 percent to a high of $7,045.46 before pulling back slightly to $6,977.40 at 9:27 a.m. in London. The cryptocurrency is up as much as 640 percent this year and is now worth more than $100 billion. In a blog post this week, Themis warned CME is “caving in” to pressure from clients and placing a seal of approval around a “very risky, unregulated instrument that has a history of fraud and manipulation.” The products planned by CME “remind us of the collateralized debt obligations which were peddled during the financial crisis,” the post said.

When asked point blank whether he’s concerned about a potential bubble, CME Chief Executive Officer Terry Duffy said on Bloomberg TV on November 1st that the firm’s job is to “manage risk, not decide what the price of a product is.”

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Author: Mac Slavo
Date: November 2nd, 2017
Website: www.SHTFplan.com

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  1. Heartless says:

    FOR SALE!!!! CHEAP!!! tulip bulbs $29.99/2 dozen, any variety. Get ’em now and be guaranteed a profit!!!

  2. Yohan Smythe III says:

    Holy cr.ap. I remember when it was $1000 going back to $400 and people saying it was going to $0.00 !!!!!

    • Chainsaw says:

      Made a lot of money on this scam since February. Enough that I’m only invested with my profits now. They will still be calling it a bubble or a scam when it hits $25,000 next year.

  3. Jim in Va. says:

    No thanks..its disappeared before.

  4. TEST says:

    Off topic, but perhaps still of interest, re. all the recent sex harassment allegations. Why should people be surprised at all the sex harassment allegations in our post-modern world,where everything is relative? After all, it is, as Dostoyevski wrote, “if there is no God… everything is permissible.” Similarly, Francis Schaeffer noted if all their is is bald evolution, then “whatever is, is right.” In fact, maybe these guys are heroes of evolution, as they are passing their genes on the most. Even existentialist/atheist Jean Paul Sartre noted that a finite point without an infinite reference point has no meaning.

    Truth is, there is NO basis for saying all this garbage is wrong, other than it is, ultimately, just mere preference. You say it is wrong. Well and good. So do I. But **why**? As a matter of fact, it is just your own opinion, informed by the fading grin of the Cheshire cat of Judeo-Christian ethics in this culture. That is, unless there REALLY is a God, who really DID make us in his image, putting an ineffaceable moral compass in us. Think about it.

  5. Historian says:

    The price rise of Bitcoin is just another indicator of (((fiat currency))) collapse.

    The limited fluctuations in gold and silver prices are just indicators of control by the (((usual swindlers))).

  6. John says:

    Bitcoin is “Digital”, An EMP could wipe out your savings!
    I prefer “Physical Gold & Silver”, it will always maintain value.

  7. Grunty McPhereson says:

    Yeah yeah yeah…. keep spouting on about tulips & bubbles. There appears to be lots of people here who wish they could’ve gotten in when the price was below $1000 (and $2000 & $5000 & $7000………..). Sounds like sour grapes to me. I bought into a position in BTC when it was worth next to nothing, and have been cashing it into physical shiny every time it goes up! (Silver.com takes BTC in direct payment.

    But please don’t stop prattling on about tulips. I’m downstairs in my bunker counting out and stacking all the free Shiny that this BTC boom has allowed me to buy.

    ??? ?????? ???

    • Heartless says:

      G McP – you’re the correct type of investor. You, perhaps by plan, perhaps by luck…. realize that to have something of value via Bitcoin you had to convert it to your ‘free Shiny’ and whatever else. Good deal, good for you – really. But that does not change the fact that Bitcoin is untenable for the long run. The very name of this site in some way is a common denominator – SHTF, right? Most all gravitated here out of a feeling, a ‘belief’, that things are due for a seachange. As in tsunami type of future troubles. So again – I’m truly pleased you’ve gained. As I hope all here do using whatever method that gets them there. Doesn’t change a thing though about Bitcoin, tulips and bubbles being things that will dissipate like a fart on the wind when it all comes down.

  8. Anonymous5 says:

    So…Grunty….what happens to your bitcoin when the grid goes down?

    • Grunty McPhereson says:

      Most of it has already been converted to Shiny, so bring on the reset (and the grid failure)! When BTC predictably corrects (crashes) by 10% or so again soon I’ll buy in using more FRNs. Then let it increase another 30% and make another few purchases of physical Shiny (using said increased-value BTC) from JMBullion or Silver.com.

      Rinse & repeat.

      I’m no financial genius by any means, but I see this BTC explosion as a means to an end. When the grid does go down, I’m far more ahead in phys Shiny than I ever would have been if I had just bought it using FRNs.

      When Cabella’s starts taking BTC for ammo purchases, a WHOLE new world opens up ?