February 18, 2018

Bitcoin blasts past $7000 to reach another record high in 2017

03 November 2017, 01:08 | Frank Carlson

Illustration by Institutional Investor

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The whole intention and cause that the Bitcoin futures contract can bring to the community and in the market are with the expansion of possible people and "institutional" investors into the cryptocurrency market, analysts have been pointing out that the drastic change and announcement have been helping lift the Bitcoin prices today. Bitcoin has again attained a new record, jumping over the US$7,000 barrier.

Despite the gains this year and so many loving the cryptocurrency, bitcoin also has some spectics, including JPMorgan CEO Jamie Dimon and Larry Fink, the CEO of Blackrock.

"Given increasing client interest in the evolving cryptocurrency markets, we have chose to introduce a bitcoin futures contract", Terry Duffy, CME Group chairman and CEO, said in a statement.

Some may remember that it was only in September that Bitcoin crossed the $5,000 threshold for the first time.

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A rising tide lifts all boats, as they say, and bitcoin's latest monster run has propelled all cryptocurrencies to surpass the combined market cap of financial titans Morgan Stanley and Goldman Sachs. The fact that the digital currency is widely used around the world either as a trading asset or as a payment choice indicates its usability and growing dominance. The bitcoin futures contract is to be cash settled based on the CME CF Bitcoin Reference Rate (BRR).

There are three plausible scenarios, though only one leads to bitcoin becoming more mainstream.

"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 surges are the major areas of interest to them and so far, bitcoin has been going through plenty of them. 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. 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.

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