Published: Sat, November 04, 2017
Worldwide | By Sean Reid

Backing from CME sees Bitcoin rise to record $7000

Backing from CME sees Bitcoin rise to record $7000

The digital currency hit a new all-time high of Dollars 7,067.54 on Thursday, as per CoinDesk's Bitcoin Price Index valuing it at USD 118 billion.

It hit as high as $7,354.10 on the Luxembourg-based Bitstamp exchange on Thursday, before settling back to $7,030 by 4:30 p.m., still up over 4 percent on the day.

CME Group, the world's largest derivatives exchange operator, announced its intention to launch bitcoin futures in the fourth quarter of this year, subject to regulatory approval.

"This is bitcoin crossing the divide from the wild west of finance to the mainstream", Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told CNBC in an email Thursday. CME Group's decision to offer bitcoin futures - allowing investors to bet on the price of the cryptocurrency rising or falling by a certain date - on Tuesday sparked its jump from around $6,100 a coin to its current levels above $7,000.

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"After all, bitcoin is the bellwether of the entire crypto market, and a regulated, developed exchange product gives confidence to trade large size for many institutions".

Bitcoin has seen eye-watering gains in recent months, having more than doubled in value in the past seven weeks alone. The cryptocurrency, which has surged more than sevenfold this year rose above the $7,000 threshold following the announcement.

"From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble, " he said on yesterday Reuters reported.

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