Friday, 24 November, 2017

Bitcoin Surges as CME Plans to Introduce Bitcoin Futures

Bitcoin Isn’t “Too Expensive” Bitcoin Isn’t “Too Expensive” Home ICO + Token Buyer Education Bitcoin Isn’t “Too Expensive”
Heather Davidson | 03 November, 2017, 01:09

The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR), which provides a once-a-day reference rate for the United States dollar price of bitcoin. 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.

The unprecedented weekly rally is reportedly fueled by news that the world's largest futures market operator CME Group is going to launch a cash-settled Bitcoin futures contract this year.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge. In less than 10 years, bitcoin has come a long way from being "mined" in homes and predominately used to buy illegal goods online.

With this jump, Bitcoin has grown seven times since the start off this year.

Bitcoin climbed past $7,000 for the first time, breaching another milestone less than one month after it tore through the $5,000 mark.

The digital currency slammed a new record-again-this week, rising to $7,351.46 on Thursday.

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Chinese authorities may have halted domestic trading of bitcoin exchanges and critics such as Jamie Dimon, JPMorgan Chase CEO, may have called it 'a fraud, ' but it's had relatively little impact on the currency's overall value. More than two-thirds of Americans, for instance, have heard of bitcoin, and almost a third have heard of Ethereum, according to LendEDU surveys conducted in September and October. The bitcoin spot market has also grown to trade roughly $1.5 billion in notional value each day. Speaking at a Consensus 2017 conference in NY in May, his speech included a prediction that bitcoin's value would rise to $1 million within the next 10 years. For the time being, it remains to be seen what the future may hold for the Bitcoin price, but things aren't looking all that bad by any means. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high.

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