Backing from CME sees Bitcoin rise to record $7000

Backing from CME sees Bitcoin rise to record $7000

The cryptocurrency has had a week of rallying after CME Group, an American financial market company that operates the world's largest options and futures exchange, announced that it would introduce bitcoin futures contracts on Tuesday.

Data from Google Trends indicates searches for "bitcoin" and "bitcoin price" are also nearing all-time highs, suggesting this exposure is perhaps translating into new awareness and investment in the protocol, now valued at more than $100 billion, according to data from CoinMarketCap.

So with bitcoin illustrating a new level of maturity, where can we expect to see the cryptocurrency in the next 10 years? According to financial analysts, the rise of the currency has been driven by the announcement of the Chicago Mercantile Exchange (CME) to begin trading Bitcoin futures.

Bitcoin climbed past $7,000 for the first time, breaching another milestone less than one month after it tore through the $5,000 mark. China, South Korea, Russia, and Vietnam have already emplaced stringent restrictions on digital currencies, with many hoping that China will return.

At the time of writing, the price of Bitcoin managed to hit a new all-time high for the third time in nearly as many days, surpassing the coveted $6,000 mark and peaking at a global average of $6,609.




The futures contract will be based on the CME CF Bitcoin Reference Rate (BRR) that the firm launched in November of a year ago in partnership with Crypto Facilities. The surges are the major areas of interest to them and so far, bitcoin has been going through plenty of them. Just like gold futures, Bitcoin is looking to enter the same market all thanks to the CME Group.

"If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market".

The latest spike in value brings Bitcoin's yearly gain to well over 600 percent.

It is evident that there is a growing demand for the world's leading cryptocurrency. This has had the effect of clung a surge in the price of bitcoin.

Related Articles

  • 2 confirmed dead, 'multiple parties down' in Colorado Walmart shooting

    2 confirmed dead, 'multiple parties down' in Colorado Walmart shooting

    Police Department reports two men are dead and one woman injured after a shooting at a Walmart store in the city. They were running like insane , and I ran out too because I didn't want to get killed", he said.
    Apple Earnings: iPhone Sales Up Even Before iPhone X Went On Sale

    Apple Earnings: iPhone Sales Up Even Before iPhone X Went On Sale

    The iPhone 8 and iPhone 8 Plus went on sale in October, boasting improvements to the camera and the addition of wireless charging. Apple's market capitalization of about $868 billion makes it the world's most valuable publicly traded company.
    Theater sets up tipline for Kevin Spacey complaints

    Theater sets up tipline for Kevin Spacey complaints

    The star of actor Kevin Spacey is pictured on the Hollywood Walk of Fame in Los Angeles, California. The series would be penned by Eric Roth, who produced the first four seasons of " House of Cards ".
  • Kidde Recalls More Than 40 Million Fire Extinguishers

    Kidde Recalls More Than 40 Million Fire Extinguishers

    The recall covers 134 models of push-button and plastic-handle extinguishers made from 1973 through August 15 of this year. This comes three years after a auto fire that turned fatal after a Kidde fire extinguisher failed to work.
    The task makes gharwalas fight each other

    The task makes gharwalas fight each other

    In the task, Vikas and Shilpa will be playing two business mates with the rest of the contestants being freelancers. Further, Vikas and Hiten Tejwani find that Shilpa has stolen all the money from the locker.
    Created in the lab: Sony unveils new robotic puppy

    Created in the lab: Sony unveils new robotic puppy

    The firm also established a venture capital fund to build partnerships with AI start ups and robotics as well as researchers. Other than that it comes with cameras, microphones, boasts internet connectivity and an array of sensors.
  • His Name Is George Papadopoulos … No, The Other One

    His Name Is George Papadopoulos … No, The Other One

    After entering his guilty plea he was ordered not to contact other Trump officials and prohibited from foreign travel. The adviser also was present at a meeting of Trump's foreign policy team; a picture shows him three seats from Trump.
    United Kingdom  factories expect another year of growth as acceleration takes hold

    United Kingdom factories expect another year of growth as acceleration takes hold

    The Vietnamese manufacturing sector paused for breath in October, with output rising only marginally during the month. The report said the United Kingdom domestic market was the prime source of new manufacturing orders.
    Aston Martin Vanquish S Ultimate sees out the V12 GT

    Aston Martin Vanquish S Ultimate sees out the V12 GT

    On the inside a mix of Phantom Grey leather, Electron Yellow accents and Spectral Blue stitching dominate the luxury cabin. The Aston Martin Vanquish S Ultimate special edition is the last hurrah for the British brand's long-serving range-topper.
  • Donna Brazile: Clinton Took Over the DNC, Robbed Sanders of the Nomination

    Donna Brazile: Clinton Took Over the DNC, Robbed Sanders of the Nomination

    This WSJ story says the US Justice Dept has identified at least six Russians who were behind the hack of the DNC a year ago . She also said Wasserman-Schultz had little interest in heading the party, so she let Clinton's campaign in Brooklyn do it.
    Justin Bieber wants Selena Gomez's trust

    Justin Bieber wants Selena Gomez's trust

    It comes after Selena's split from The Weeknd - real name Abel Tesfaye - was revealed . Selena Gomez has been spending time with ex-boyfriend Justin Bieber .
    John Podesta Plays Victim Card in Response to Russia Investigation News

    John Podesta Plays Victim Card in Response to Russia Investigation News

    The firm said at the time that it believed its client was a European think tank with no connections to a political party. The president added, "He and his brother could Drain The Swamp, which would be yet another campaign promise fulfilled".