Bitcoin rockets above $7000 for first time

04 November, 2017, 00:14 | Author: Essie Rivera
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Bitcoin's price has been surging lately, as it presently sits at an all-time high of $7,326 as of this writing-more than double its price from early September.

"Given increasing client interest in the evolving cryptocurrency markets, we have made a decision to introduce a bitcoin futures contract", Terry Duffy, CME Group chairman and CEO, said in a statement.

CME's futures will be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), launched in November past year with Crypto Facilities, a digital cryptocurrency trading platform.

The announcement somewhat marks a turning point for Bitcoin - one that shows a greater level of trust and acceptance for the leading cryptocurrency. The total value of bitcoin's market cap is now above $123 billion. "This paves the way for bitcoin living up to its full potential and soaring high into the five digits". The bullish movement of the cryptocurrency continued through the week after derivatives giant CME group announced that it planned to introduce bitcoin futures contracts (See: CME Group announces launch of Bitcoin futures ). The jump in price saw bitcoin rise 6 percent.

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Bitcoin is the first global decentralized digital currency.

"Thus, there will be a lot of teething issues that CME will face, as it does not have any other commodity that behaves like bitcoin".

The creation of Bitcoin futures is a key development for cryptocurrency trading that can be used by institutional investors, who at the moment have few opportunities to trade the digital currency. We are likely to see a flurry of activity in this sphere.

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