Bitcoin Breaks More Records And Hits New All-Time High

Bitcoin Breaks More Records And Hits New All-Time High

Bitcoin Breaks More Records And Hits New All-Time High

CME, the world's largest futures exchange, has announced plans to launch bitcoin futures in the fourth quarter pending regulatory review.

The surge in the price of Bitcoin no means that the aggregate value of all cryptocurrencies unsurprisingly hit a new record price as well of $184 billion on Wednesday.

Terry Duffy, CME Group Chairman and Chief Executive Officer, explained: "Given increasing client interest in the evolving cryptocurrency markets, we have made a decision to introduce a bitcoin futures contract".

The development comes at a time when Bitcoin, the oldest and most popular cryptocurrency in the world, is on a roll.

According to the newspaper, participants in India's bitcoin market expressed their disappointment as they were hoping for some form of a legislation to regulate the activities of local exchanges. 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 contract is planned to be cash-settled and be based on the CME CF Bitcoin Reference Rate (BRR), which the company started in November 2016 with London-based digital trading platform Crypto Facilities.

Bitcoin - the dominant digital currency on the market - zoomed to record highs above $7,300 early on Thursday, growing its market cap to about $120 billion.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge. The value of the bitcoins was estimated around $6300 just a day ago.

According to a poll conducted by the CNBC broadcaster, almost half of some 23,000 people think that Bitcoin will surpass the price of $10,000 per coin. Bitcoin has gained more than 600 percent (USD 6,000) since the start of the year, up from Dollars 968 on December 31, 2016. As long as demand for it remains, it will continue to grow and as its value does, so too will future price predictions. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high.

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