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Bitcoin Hits New Threshold as Its Price Breaks Record of $7000

03 November 2017

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. Instead of dropping, bitcoin's value increased to a new all-time high of more than $6,600.

Previously, on 29 October, just over a week after pushing past the $6,000-mark for the first time, the world's first cryptocurrency rose to a high of $6,306.58 on the CoinDesk Bitcoin Price Index at 20:30 UTC.

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"Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold". China, South Korea, Russia, and Vietnam have already emplaced stringent restrictions on digital currencies, with many hoping that China will return.

The digital currency hit a new all-time high of United States dollars 7,067.54 on Thursday, as per CoinDesk's Bitcoin Price Index valuing it at USD 118 billion. More than two-thirds of Americans, for instance, have heard of bitcoin, and almost a third have heard of Ethereum, according to LendEDU surveys conducted in September and October. That, however, is not stopping many from speculating where they believe the currency will be. 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.

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A rising tide lifts all boats, as they say, and bitcoin's latest monster run has propelled all cryptocurrencies to surpass the combined market cap of financial titans Morgan Stanley and Goldman Sachs. As long as demand for it remains, it will continue to grow and as its value does, so too will future price predictions.

"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. The whole tremendous run was a good sign that most coin enthusiast and the market have been shrugging the "fork" news and bonanza.

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Bitcoin Hits New Threshold as Its Price Breaks Record of $7000