Bitcoin Price Breaks $7000, Posting a New Record High

Bitcoin Price Breaks $7000, Posting a New Record High

Bitcoin Price Breaks $7000, Posting a New Record High

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

Some 17% of survey respondents said they plan on investing in bitcoin in the future, while roughly the same number-slightly more than 18%-plan to invest in ether, the token that grants access to the Ethereum network, which powers the smart contracts that have enabled the launch of hundreds of new digital tokens this year.

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". It's up 600% this year so far and has just hit an all time new high, moving 7% in just one day. The fact that the digital currency is widely used around the world either as a trading asset or as a payment choice indicates its usability and growing dominance.

Hesham Rehman, CEO & co-founder of Bitxoxo, was quoted as saying that instead of shutting down cryptocurrencies dealers, the government must take steps to curb buying and selling of bitcoins or cryptocurrencies in cash.

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

This also marks the latest peak in bitcoin's rally over the past seven days, bringing its value up by over 20 percent, according to Coin Market Cap.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge.

"The BRR has proven to reliably and transparently reflect global bitcoin-dollar trading and has become the price reference of choice for financial institutions, trading firms and data providers worldwide", Schlaefer said. Bitcoin has grown leaps and bounds in terms of value in recent months, with 200 per cent growth during the course of past seveen weeks alone.

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

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