This entire event meant that bitcoins took its own "market cap" - the price multiplied by the number of coins that have been released into circulation - to a new record which is just around a massive $110 billion.
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.
"Given increasing client interest in the evolving cryptocurrency markets, we have made a decision to introduce a bitcoin futures contract", said Terry Duffy, CME Group Chairman and Chief Executive Officer.
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The most popular and well-known cryptocurrency, Bitcoin, has been taking the headlines today due to the huge strength it has and surging to another high at $7,000. This forms a substantial part the aggregate value of all cryptocurrencies, which is now at a record high of over $190 billion according to website. China, South Korea, Russia, and Vietnam have already emplaced stringent restrictions on digital currencies, with many hoping that China will return.
Bitcoin's value sits at $6,991 as of Thursday morning after dipping from a record high of $7,355. According to the Chicago Mercantile Exchange, the whole Bitcoin futures contracts are expected to be settled on and will be strongly based on the CME CF Bitcoin Reference Rate or the BRR.
We've been working with the regulator. Moreover, such a step suggests that Bitcoin may become an officially recognized currency.
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Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge.
What are your thoughts on the recent price surge of Bitcoin? Just like gold futures, Bitcoin is looking to enter the same market all thanks to the CME Group.
With futures, financial institutions that may have been spooked by the volatility of bitcoin and other digital assets, which often gain or lose double-digit percentages of their value in a matter of hours, would have a way to hedge their bets.
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