Bitcoin Price Peaks at New Record High Near $7450 — Newsflash

Bitcoin Blasts Price Rise

Bitcoin has continued to defy a large number of analysts and a huge amount of scepticism, with the digital currency having reached a record high of $7,000.

"We could very well see bitcoin going multiple folds higher when that happens". 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.

Amid this development, the Chicago Mercantile Exchange Group, the universally recognized derivatives contracts exchange, has lately publicized the launch of Bitcoin futures by year-end.

The futures contract will be based on the CME CF Bitcoin Reference Rate (BRR) that the firm launched in November of previous year in partnership with Crypto Facilities.




"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.

Bitcoin's latest rally continues its volatile trajectory as the value of the world's foremost cryptocurrency struck a fresh high on Friday.

The bullish activity that followed CME's announcement also saw the total value of all cryptocurrencies surge past $200 billion for the first time.

"While it was easy for critics to label early adopters' enthusiasm as foolish, the adoption of bitcoin by institutions such as CME gives the cryptocurrency a seal of approval that will eradicate even the most well-reasoned criticism pundits may voice".

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