Bitcoin surges past $7000 to reach all-time high

Bitcoin surges past $7000 to reach all-time high

Bitcoin surges past $7000 to reach all-time high

Bitcoin is surging on Thursday morning, shooting past $7,000 per coin on Thursday morning for the first time ever.

On Friday, bitcoin price struck a new record high of $7,747 on Bitfinex at 09:30 (UTC).

"Given increasing client interest in the evolving cryptocurrency markets, we have chose to introduce a bitcoin futures contract", said Terry Duffy, CME Group Chairman and Chief Executive Officer.

According to CoinDesk, the cryptocurrency reached a renewed all-time high of $7,454.04 at 6:40 a.m. ET Friday, after opening at $7,030. The cryptocurrency, which has surged more than sevenfold this year, peaked above $7,000 threshold following the Chicago-based venue's announcement.

"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".

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CME's futures will be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), launched in November previous year with Crypto Facilities, a digital cryptocurrency trading platform.

Bitcoin has gained more than 600 percent (USD 6,000) since the start of the year, up from United States dollars 968 on December 31, 2016.

Credit Suisse Chief Executive Tidjane Thiam expressed caution about the booming cryptocurrency, saying the current interest in it could eventually subside. Analysts believe the move will bring wealthy mainstream institutions on board.

"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 Thursday.

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