Bitcoin surges past $7000 to reach all-time high

Randall Padilla
November 3, 2017

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


The most valuable cryptocurrency, Bitcoin, has smashed a new record for itself and any other cryptocurrency. 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.

Terry Duffy, CME Group Chairman and Chief Executive Officer, explained: "Given increasing client interest in the evolving cryptocurrency markets, we have made a decision to introduce a bitcoin futures contract".

The most popular and well-known cryptocurrency, Bitcoin, has been taking the headlines today due to the vast strength it has and surging to another high at $7,000.

The world's most popular digital currency is on a record-breaking marathon. In less than 10 years, bitcoin has come a long way from being "mined" in homes and predominately used to buy illegal goods online.

According to the newspaper, participants in India's bitcoin market expressed their disappointment as they were hoping for some form of a legislation to regulate the activities of local exchanges. According to the Chicago Mercantile Exchange, the whole Bitcoin futures contracts are expected to be settled on and will be strongly based on the CME CF Bitcoin Reference Rate or the BRR.

This latest spike in value takes bitcoin's aggregate value, or "market cap" - its price multiplied by the number of bitcoins released into circulation - to more than $117 billion, a Reuters report quoted industry website Coinmarketcap.

"If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market". The bitcoin spot market has also grown to trade roughly $1.5 billion in notional value each day.

Another individual making a case for bitcoin's future price is Wences Casares, CEO of Bitcoin wallet Xapo and a member of PayPal's board of directors.

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