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.
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Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
