Economy

Bitcoin blasts to new all-time high of $6450

Bitcoin blasts to new all-time high of $6450”

CME Group, the world's biggest exchange operator, plans to introduce bitcoin futures, which could help professional traders and investors finally get serious about the cryptocurrency.Bitcoin surged to a record high after the announcement.

Grayscale's Bitcoin Investment Trust (GBTC), which provides exposure to cryptocurrency using traditional investment assets, climbed 2.4% to $848 on Wednesday. The company unveiled its plan to offer bitcoin futures before the end on 2017. This increase can be estimated as 500% percent boost in Bitcoin's price.

But the $185-billion market is getting harder to ignore.

The new futures contracts will be settled in cash, based on the CME "CF Bitcoin Reference Rate", a once-a-day reference rate of the US dollar price of bitcoin, the company said. GBTC has been on a tear as of late, reflecting the broad uptrend in bitcoin. 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.

Bitcoin is a form of digital currency, created and held electronically.

Bitcoin has been reshaping the landscape of digital currency ecosystem and many investors around the world have shown a keen interest in investing in digital currency. The futures, whose launch is subject to regulatory approval, will be based on the CME reference rate.

On Wednesday, bitcoin reached another all-time high of more than $6,600, according to CoinMarketCap.



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