Bitcoin Price Peaks at New Record High Near $7450 — Newsflash

Marsha Scott
November 4, 2017

Bitcoin's price has been surging lately, as it presently sits at an all-time high of $7,326 as of this writing-more than double its price from early September.

"CME and similar Futures offerings for the traditional financial industry will make it possible for these institutional investors and funds to take positions within the bitcoin and later general cryptocurrency ecosystem, while complying with their existing counterparty and regulatory requirements".

Data from BravenewCoin shows the global average bitcoin price - factoring in various spreads among global markets - reach a new high of $7,419.38.

The cryptocurrency soared past $7,000 for the first time, just a month after crossing the $5,000 mark.

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The decision came after Bitcoin hit record highs this week after CME Group, operator of the world's largest futures and options exchange, said it plans to introduce bitcoin futures by the end of the year. The sharp upward movement lifted the cryptocurrency more than 7 per cent in the day.

CME added its bitcoin futures contract would be cash-settled on the basis of the CME CF Bitcoin Reference Rate (BRR), launched in November previous year with London-based online trading platform Crypto Facilities.

Bitcoin has gained more than 600 percent (USD 6,000) since the start of the year, up from Dollars 968 on December 31, 2016.

"The move by such a well-known, established exchange throws open the doors for institutions to get into bitcoin", said analyst Arnaud Masset at Swissquote, a brokerage that offers bitcoin trading to retail clients.

Other reports by MaliBehiribAe

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