Backing from CME sees Bitcoin rise to record $7000

Backing from CME sees Bitcoin rise to record $7000

Backing from CME sees Bitcoin rise to record $7000

The development comes at a time when Bitcoin, the oldest and most popular cryptocurrency in the world, is on a roll.

Still, analysts have remarked that the increase comes at a time when bitcoin has never been more visible in the public eye, with business leaders and investment luminaries now discussing bitcoin on an nearly daily basis. 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 has again attained a new record, jumping over the US$7,000 barrier. The cryptocurrency, which has surged more than sevenfold this year, peaked above $7,000 threshold following the Chicago-based venue's announcement.

Some 17% of survey respondents said they plan on investing in bitcoin in the future, while roughly the same number-slightly more than 18%-plan to invest in ether, the token that grants access to the Ethereum network, which powers the smart contracts that have enabled the launch of hundreds of new digital tokens this year.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge.

"If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market".

Editor's Note: Since this article was published, bitcoin prices have changed dramatically.

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

"Whoa. PayPal guy & @xapo @wences: only buy the #bitcoin you can afford... and predicts it will hit $1 million in 5-10 yrs #consensus2017". The value of the bitcoins was estimated around $6300 just a day ago. Given the rate at which it's growing, anything is possible. China, South Korea, Russia, and Vietnam have already emplaced stringent restrictions on digital currencies, with many hoping that China will return. For those who want a step up into the financial world, bitcoin is the answer. She has encouraged banks and regulators to learn about the technology, and to be prepared.

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