This Crypto Continues To Rise As The Leading Crypto
This just in! Another milestone for the world’s leading cryptocurrency – Bitcoin has done it again! Bitcoin price continues to dominate and soars high as the current trading value of this crypto is nearing the seven thousand mark.
The Bitcoin market price closed in today at $6,949. This is great news indeed! Investors are on the edge of their seats and probably ready to have a party because of this news.
What will happen when Bitcoin hits the $7,000 mark? Will other countries start to use cryptocurrencies? All these remain to be seen, for now, enjoy the continuous positive ride with this crypto.
Bitcoin rallies to another record high of $6,900
Bitcoin hit another all-time high Wednesday evening, surpassing $6,900 for the first time.
The cryptocurrency has had a bullish streak throughout the week following the CME’s announcement that it will introduce bitcoin futures contracts.
According to data from CoinDesk, the virtual currency reached an all-time high of $6,994.01 at about 3:04 a.m. ET Thursday. After nearing $7,000, the price retreated slightly but held above the $6,900 mark.
A surge in the digital coin’s value saw the total market value of all cryptocurrencies top $188 billion for the first time Wednesday. The market cap of bitcoin alone is currently $115 billion, according to data from industry website Coinmarketcap.
CME bitcoin futures
On Tuesday, the CME Group, the world’s largest derivatives operator, said it would introduce bitcoin futures contracts. The introduction of such a product could bring more institutional investors into the market. Analysts believe this has been boosting the price.
CME said its bitcoin futures contract would be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), launched in November last year with London-based online trading platform Crypto Facilities.
The digital currency’s price has risen almost 600 percent since the beginning of the year. Bitcoin was trading at $6,949.79 at 4:15 a.m. ET, according to CoinDesk.
A number of regulators have warned of illicit activity surrounding cryptocurrencies like bitcoin.
In September, China banned a practice known as “initial coin offerings” (ICOs). An ICO is a crowdfunding method for firms to raise funds by selling new cryptocurrencies.
China’s regulators also moved to close down domestic bitcoin exchanges later that month. Both measures sent the price of bitcoin down sharply.
And on Wednesday, the U.S. Securities and Exchange Commission said that celebrity endorsements of ICOs could be “unlawful” if they do not disclose how they are benefiting.
Banking executives like JPMorgan CEO Jamie Dimon and BlackrockCEO Larry Flint have also criticized the cryptocurrency.
Dimon has made several comments on bitcoin, and last month said that investors “stupid enough to buy bitcoin” would “pay the price for it one day.”
Flint called the virtual currency an “index of money laundering” that same day, raising concerns over fraudulent activity.