Bitcoin Hits New Threshold as Its Price Breaks Record of $7000

Bitcoin Hits New Threshold as Its Price Breaks Record of $7000

Bitcoin Hits New Threshold as Its Price Breaks Record of $7000

Before we begin with this write up, let's just know as to how the price of Bitcoin (or any other cryptocurrencies) seems to have exceeded the expectations of optimists and criticism of the pessimists for the first time this week; however, this performance beyond expectation is deemed to render completely arbitrary and speculative opportunities.

Digital currency bitcoin took another leap higher on Thursday, rocketing above $7,000 for the first time after a more than tenfold increase in its value over the past year.

"This is bitcoin crossing the divide from the wild west of finance to the mainstream", Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told CNBC in an email Thursday. The bullish movement of the cryptocurrency continued through the week after derivatives giant CME group announced that it planned to introduce bitcoin futures contracts (See: CME Group announces launch of Bitcoin futures ). "This allows more complex financial products to be created and will eventually open the doors to institutional money".

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The futures would be settled via cash and based on its CME CF bitcoin reference rate. The cryptocurrency, which has surged more than sevenfold this year rose above the $7,000 threshold following the announcement.

"While it was easy for critics to label early adopters' enthusiasm as foolish, the adoption of bitcoin by institutions such as CME gives the cryptocurrency a seal of approval that will eradicate even the most well-reasoned criticism pundits may voice".

Bitcoin has gained more than 600 percent (USD 6,000) since the start of the year, up from Dollars 968 on December 31, 2016. Its content is produced independently of USA TODAY.

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