Bitcoin Price Surges to a New Record Value Above $6400

Nov 01, 2017, 00:37
Bitcoin Price Surges to a New Record Value Above $6400

"Given increasing client interest in the evolving cryptocurrency markets, we have chose to introduce a bitcoin futures contract", Terry Duffy, CME Group chairman and CEO, said in a statement.

The cryptocurrency jumped almost 5 percent to as high as $6,420 after the announcement.

The BRR aggregates the trade flow of major bitcoin spot exchanges during a specific calculation window into a once-a-day reference rate of the USA dollar price of bitcoin.

The CME Group, which operates some of the largest exchanges in New York, Chicago, and London, said its decision is pending regulatory review. Bitcoin is now not listed on any of the world's major exchanges.

Bitcoin has surged in value by around 555 percent so far this year.

Now that bitcoin futures are around the corner, investors can expect to see products such as bitcoin exchange-traded funds (ETFs) begin to emerge that track the performance of bitcoin. With the CME Group, these professional traders and investors would have a more regulated avenue to access the rather volatile cryptocurrency. Big investors have been wary of getting into digital currencies like bitcoin in part because it's been hard to find the liquidity they need to do big trades that move the needle on their performance.

Bitcoins and other cryptocurrencies which offer a decentralized way of transaction money have certainly created a divide between the opinions of experts in the global financial community.

With the new all-time-high Bitcoin has touched a market capitalization of roughly $106 billion.