The price of Bitcoin hit a staggering new all-time high of over $7,000 Thursday, November 2nd. With a continuing bullish streak throughout the last week of October and the first week of November, the coin looks like it is headed in a good direction.
One of the main reasons for this increase in price is the announcement from CME that it will be introducing bitcoin futures contract starting as soon as next year.
According to data from the popular cryptocurrency website CoinDesk, the currency reached an incredible new high of $7,242.69 at around 7am EST on November 2nd. This represents a more than 7% jump for the day alone. Not only is this positive for the price of the coin, but it shows that the psychological barrier often associated with bitcoin not increasing to its full potential, is slowly dissipating.
The surge upwards in price raised the market value of all cryptocurrencies to over $189 billion for the first time. With Bitcoin owning half of the market at more than $121 billion market cap, it does not appear to be slowing down any time soon.
The big announcement from the world’s largest derivatives operator, CME stated that they would be announcing the investment vehicle of bitcoin futures contracts. This is a first for the industry and could help to bring in investors that never would’ve thought to put their money into the cryptocurrency space. CME has stated that the futures would be settled in cash and based on a CME CF Bitcoin Reference Rate of BRR, launched during November. They would also be partnering with the online trading platform Crypto Facilities out of London.
Charles Hayter, The CEO of cryptocurrency comparison website, Crypto Compare stated that “this is bitcoin crossing the divide from the wild west of finance to the mainstream.” Hopefully this will continue as time goes on.