Bitcoin hits $7000 setting another all time-time high

Bitcoin hits $7000 setting another all time-time high

Bitcoin hits $7000 setting another all time-time high

Bitcoin is surging on Thursday morning, shooting past $7,000 per coin on Thursday morning for the first time ever.

Bitcoin's continual rise can somewhat be attributed to an announcement made by financial market specialist CME, with the firm having revealed that it will be introducing Bitcoin futures contracts in the coming quarter.

Bitcoin skyrocketed past $7,400 on Friday, hitting yet another record high.

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According to data from CoinDesk, the virtual currency reached an all-time high of $7,141.83 at about 6:42 a.m. ET.More to follow. 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 ).

"We could very well see bitcoin going multiple folds higher when that happens". The sharp upward movement lifted the cryptocurrency more than 7 per cent in the day.

"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.

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The futures contract will be based on the CME CF Bitcoin Reference Rate (BRR) that the firm launched in November of a year ago in partnership with Crypto Facilities. The total value of bitcoin's market cap is now above $123 billion.

"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 gained more than 600 percent (USD 6,000) since the start of the year, up from United States dollars 968 on December 31, 2016.

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