Home News The Value of Bitcoin has surpassed $7000 for the First Time

The Value of Bitcoin has surpassed $7000 for the First Time

by Harikrishna Mekala

The price touched a high of $7,140 on popular trade Coinbase, that was up nine percent over the last 24 hours, but it since declined to $7,075.

That last month has been an even insane rollercoaster bitcoin exceeded $5,000 on October 12 and it has defied naysayers and maintained to increase steadily in recent weeks.

It’s fair to say that even the most optimistic bitcoin fans will have seen the money rise beyond their expectations this year. Bitcoin hit the $1,000 mark on January 1 which led to thinking that it might top a then-record $1,216.7 (set in 2013) over the next 12 months. But what followed after defied most predictions.

On Tuesday, the CME Group, the world’s comprehensive derivatives operator, said it would add bitcoin futures deals. The opening of such a stock could bring more institutional investors into the market. Analysts believe this has been boosting the price.

CME said its bitcoin prospects contract would be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), started in November last year with London-based online trading platform Crypto Facilities.

“This is bitcoin spanning the divide between the wild west of finance to the mainstream,” Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told News in an email Thursday.

“Futures from an urgent exchange bring bitcoin and cryptocurrencies into the administrative fold. This allows more complex business products to be created and will ultimately open the doors to institutional money.”

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