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Bitcoin climbs past $US14,000 as demand continues to skyrocket

Photo: Getty Images

Bitcoin briefly passed the $US14,000 mark a short time ago — marking a gain of more than $US2,000 in the last 24 hours.

Prices on Coinbase — one of the largest US trading platforms — hit a high of $US14,344.22 just before 10am this morning AEDT, according to CNBC.

However, amid the latest surge, price moves vary considerably between different exchanges.

Among the other larger exchanges, a short time ago prices on Bitfinex were holding at $US13,400 — an intra-day gain of $US1,769.

Prices on Bittrex are trading at a similar level, although customers on that exchange say they’re having problems withdrawing money back into their accounts.

That was less than current prices on the Kraken exchange, where Bitcoin was trading at $US13,672 for a one-day gain of $US1,948.

Source: Investing.com

Meanwhile, in South Korea where Bitcoin-mania is in full effect, Bitcoin is trading on some platforms at a premium over more than 20% compared to international rates, Bloomberg reports.

Bitcoin’s current gains have come amid a broader selloff among other major cryptocurrencies, with falls in Ripple, Dash and Bitcoin Cash.

This week’s unprecedented price-action comes ahead of Monday’s launch of futures trading on the Cboe exchange.

However, economist Erik Norland from the CME Group — which is scheduled to launch futures later this month — warned that Bitcoin’s rising transaction costs could be the catalyst for a substantial price correction.

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