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Bitcoin touches Rs 10 lakh in India

by www.business-standard.com
The price in India of bitcoin, the crypto currency, touched Rs 10 lakh this afternoon, when its price on major global exchanges crossed $15,000. It was $13,000 on Wednesday evening.While prices are rising sharply ahead of the launch of futures in this on US exchanges, the bitcoin community believes several hedge funds are preparing to short-sell it when derivatives trading begins on the CBoT and CME. CBoT bitcoin derivatives trading is beginning this Sunday; CME is launching it on December 18. These sources don't rule out buying by these hedge funds in the cash market to prop prices now and later short on the CME. According to the bitcoin community, the medium-term outlook is bullish. However, exchange traded derivatives have shorter settlement and, hence, hedge funds will be able to reap short-term gain in shorting, while their long-term bets in holding bitcoin will remain with them. With the price rising to $15,202 this afternoon and total bitcoin mined so far is 16.72 million, this
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