Setting up a new record in the cryptocurrency history, Bitcoin hit through $6,600 mark on Wednesday. The price of the cryptocurrency surpassed $6,500 and then smashed through $6,600 barrier in a single day to set an all-time high! The surge was the result of CME announcing the plans to launch bitcoin futures later this year.
Previously, on 29th October, just over a week after pushing past the $6,000-mark for the first time, the world’s first cryptocurrency rose to a high of $6,306.58 on the CoinDesk Bitcoin Price Index at 20:30 UTC.
The previous all-time high of $6,183 was set on October 21st and held for just eight days. And in setting the new high, the price of bitcoin was then up more than 500 percent on the year, having climbed from just below $1,000 on January 1st to the new high. And now this remarkable surge yet again!
When the announcement was made on Tuesday by CME to launch bitcoin, the surge was the consequence the other day:
“Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract,” Terry Duffy, CME Group chairman and CEO, said in a statement. (source: CNBC news).
With the introduction of such a product it is hoped to attract greater number of investors and industrialists to the market, which would eventually help soar the price. The bitcoin futures contract is to be cash settled based on the CME CF Bitcoin Reference Rate (BRR).
The bitcoin has seen several increments in the price with every favorable regulation announced. In less than 10 years, bitcoin has come a long way from being “mined” in homes and predominately used to buy illegal goods online. An entire industry has emerged to mine bitcoin, sell digital mining equipment and offer bitcoin trading services.
The favorable regulators have some credit roots in Japan, where the use of cryptocurrency as payment has become a practice over past couple of months. This is one major feat, yet the currency faces ups and downs, especially the setback due the Chinese banning cryptocurrency exchanges.
Yet despite the negative implications, the downs in the price are usually ignored by the investors. The surges are the major areas of interest to them and so far, bitcoin has been going through plenty of them.
Still, analysts have remarked that the increase comes at a time when bitcoin has never been more visible in the public eye, with business leaders and investment luminaries now discussing bitcoin on an almost daily basis.
Among those who have recently weighed in on its value include billionaire investor Warren Buffett, Saudi Prince Al-Waleed bin Talal and PayPal co-founder Peter Thiel.
Data from Google Trends indicates searches for “bitcoin” and “bitcoin price” are also nearing all-time highs, suggesting this exposure is perhaps translating into new awareness and investment in the protocol, now valued at more than $100 billion, according to data from CoinMarketCap.
It is evident that there is a growing demand for the world’s leading cryptocurrency. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high. 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.