Wednesday, 22 November, 2017

Bitcoin surges past $7000 to reach all-time high

Bitcoin blasts past $7000 to reach another record high in 2017 Bitcoin surges past $7000 to reach all-time high
Kelvin Reese | 03 November, 2017, 01:09

The total value of Bitcoin is now estimated at just under $110 billion.

So with bitcoin illustrating a new level of maturity, where can we expect to see the cryptocurrency in the next 10 years?

The unprecedented weekly rally is reportedly fueled by news that the world's largest futures market operator CME Group is going to launch a cash-settled Bitcoin futures contract this year.

The cryptocurrency soared past $7,000 for the first time, just a month after crossing the $5,000 mark. One more thing that the new milestone opened is the increase in the total market value of the coin which is now topped at $189 billion, another milestone for the cryptocurrency. The bullish streak from the digital currency remains unbeaten and unchallenged despite having several other digital currencies claiming new popularity and following.

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The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR), which provides a once-a-day reference rate for the USA dollar price of bitcoin. The currency reached an all-time high of $7,355.35 Thursday morning. 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.

Since November 2016, CME Group and Crypto Facilities Ltd. have calculated and published the BRR, which aggregates the trade flow of major bitcoin spot exchanges during a calculation window into the U.S. Dollar price of one bitcoin as of 4:00 p.m GMT. Moreover, such a step suggests that Bitcoin may become an officially recognized currency. The concern of true believers is that absorbing bitcoin into the global financial system would destroy its value.

Another individual making a case for bitcoin's future price is Wences Casares, CEO of Bitcoin wallet Xapo and a member of PayPal's board of directors.

It is evident that there is a growing demand for the world's leading cryptocurrency.

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