Published: Sat, November 04, 2017
Economy | By Shawn Conner

Bitcoin Price Peaks at New Record High Near $7450 — Newsflash

Bitcoin Price Peaks at New Record High Near $7450 — Newsflash

Talk about a roller coaster.

The cryptocurrency soared past $7,000 for the first time, just a month after crossing the $5,000 mark. Experts believe that the huge price increase of Bitcoin was caused by the recent news that the CME Group, one of the world's largest derivatives exchange operator, would create the first bitcoin futures in the fourth quarter of the year.

The creation of Bitcoin futures is a key development for cryptocurrency trading that can be used by institutional investors, who at the moment have few opportunities to trade the digital currency.

But the euphoria didn't last. However, bitcoin is quite different from traditional commodities like gold, copper, or rice that are now traded in the futures markets.

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Earlier this year for example, the Securities and Exchange Commission denied a proposal that would allow for a Bitcoin exchange traded fund, or ETF. Bitcoin has gained more than 600 percent (USD 6,000) since the start of the year, up from United States dollars 968 on December 31, 2016.

When the CME Futures covenant launches, investing in Bitcoin will be a child's play.

"Thus, there will be a lot of teething issues that CME will face, as it does not have any other commodity that behaves like bitcoin". On top of that, Bitcoin is still undergoing growing pains on the technological side.

Twitter users have been sharing their views on the surge of the cryptocurrency.

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This week the cryptocurrency market reached a new record high. So far, the 2x hard fork, which would in theory increase the speed of transactions by increasing the size of blocks to 2 megabytes from 1 megabyte, has been divisive.

So what spurred bitcoin's big move?

Bitcoin price bulldozed its way to a new all-time high of $7,447 during trading on Friday.

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