Bitcoin moves toward financial mainstream with futures contracts

Bitcoin moves toward financial mainstream with futures contracts

Bitcoin moves toward financial mainstream with futures contracts

Bitcoin breaks another record as the price of the cryptocurrency continues to rise, driven by new bullish trading since Tuesday, Oct. 31.

Bitcoin surpassed the $7,000 mark on Thursday for the first time, reaching an all-time high of $7,355.35 at around 7:16 a.m. ET.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge. Unfortunately, such a device isn't now available, so the chance of seeing where Bitcoin will be in the next 10 years is not possible.

The creation of Bitcoin futures is a key development for cryptocurrency trading that can be used by institutional investors, who at the moment have few opportunities to trade the digital currency. The total value of Bitcoin is now estimated at just under $110 billion.

Whilst it still has its sceptics, with the likes of JPMorgan Chase CEO Jamie Dillon branding it as a fraud, it seems more and more firms are coming around to the idea that cryptocurrencies might be the future in digital finance.

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The recent success which is marked the highest ever happened because of the best known and biggest cryptocurrency, Bitcoins hit a new record which was in excess of $6500. The whole tremendous run was a good sign that most coin enthusiast and the market have been shrugging the "fork" news and bonanza. More than two-thirds of Americans, for instance, have heard of bitcoin, and almost a third have heard of Ethereum, according to LendEDU surveys conducted in September and October.

The world's most popular digital currency is on a record-breaking marathon. 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.

It is evident that there is a growing demand for the world's leading cryptocurrency.

Editor's Note: Since this article was published, bitcoin prices have changed dramatically. She has encouraged banks and regulators to learn about the technology, and to be prepared.

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