Bitcoin rockets above $7000 for first time

Backing from CME sees Bitcoin rise to record $7000

Bitcoin surges past $7000 to reach all-time high

The cryptocurrency soared past $7,000 for the first time, just a month after crossing the $5,000 mark.

The digital currency hit a new all-time high of Dollars 7,067.54 on Thursday, as per CoinDesk's Bitcoin Price Index valuing it at USD 118 billion.

Bitcoin's continual rise can somewhat be attributed to an announcement made by financial market specialist CME, with the firm having revealed that it will be introducing Bitcoin futures contracts in the coming quarter.

Bitcoin's price has been surging lately, as it presently sits at an all-time high of $7,326 as of this writing-more than double its price from early September.

"Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold".

"As the world's largest regulated FX marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities".

The futures would be settled via cash and based on its CME CF bitcoin reference rate.

The value of digital currency Bitcoin has increased sevenfold since the beginning of the year.

"The move by such a well-known, established exchange throws open the doors for institutions to get into bitcoin, " said analyst Arnaud Masset at Swissquote, a brokerage that offers bitcoin trading to retail clients, Reuters reported.

"From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble, " he said on yesterday Reuters reported.

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