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01 November 2017, 12:39 | Lionel James
Bitcoin Price Surges to New High of over $6500
Derivatives marketplace operator CME Group has announced plans to launch a bitcoinfutures product in the fourth quarter of this year.
On the USA -based Bitfinex exchange, rose to $6368.5, up $234.1, or 3.28% after hitting an all-time high of $6450.
The availability of bitcoin futures contracts is expected to introduce a wave of Wall Street capital into the crypto markets, increasing liquidity and - presumably - ratcheting up the bitcoin price. The move higher in bitcoin gold comes three-days after it slumped to an all-time low of $87.2.
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. LedgerX launched bitcoin derivatives earlier this month and has already experienced higher-than-expected volumes.
The CME Group, which operates some of the largest exchanges in New York, Chicago, and London, said its decision is pending regulatory review.
Some sellers of exchange-traded funds have also filed for bitcoin ETFs that track bitcoin futures. The announcement is a boon for upcoming ICOs as it thrusts cryptocurrencies further into the spotlight on a global platform that is regulated by the Commodities Futures Trading Commission (CFTC). CBOE is working with Gemini Trust, the digital currency exchange founded by brothers Cameron and Tyler Winklevoss, on using Gemini's market data to create bitcoin derivatives and indexes. At the press time Bitcoin is trading at $6353.24 level, according to the CoinMarketCap.
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