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03 November 2017, 01:09 | Gordon Grant
CME to launch bitcoin futures
The total value of Bitcoin is now estimated at just under $110 billion.
Setting up a new record in the cryptocurrency history, Bitcoin hit through $6,600 mark on Wednesday.
CME Group, the world's largest derivatives exchange operator, announced its intention to launch bitcoin futures in the fourth quarter of this year, subject to regulatory approval.
At the time of writing, the price of Bitcoin managed to hit a new all-time high for the third time in nearly as many days, surpassing the coveted $6,000 mark and peaking at a global average of $6,609. At the time of writing, bitcoin was valued at $7,054.77.
On the news that CME will introduce futures, Bitcoin has soared this week to new highs. Many people have hesitated to invest in the digital currency because it isn't properly regulated and there aren't enough protections for investors.
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Bitcoin first broke through $6,300, then $6,400 in the next day in its continuing rally since Tuesday, according to Business Insider.
The futures would be settled via cash and based on its CME CF bitcoin reference rate. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high.
CEO of Crypto Facilities, Dr.Timo Schlaefer remarked: "We are excited to work with CME Group on this product and see the BRR used as the settlement mechanism of this important product". Moreover, such a step suggests that Bitcoin may become an officially recognized currency. 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.
Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge. Bitcoin has grown leaps and bounds in terms of value in recent months, with 200 per cent growth during the course of past seveen weeks alone.
According to a poll conducted by the CNBC broadcaster, almost half of some 23,000 people think that Bitcoin will surpass the price of $10,000 per coin.
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