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The bitcoin price hit record highs for the third consecutive day, surpassing the bar of $ 6,600 for the first time The Group announces the listing of bitcoins futures on its derivatives markets.
As reported by CCN, CME Group – the largest regulated derivatives exchange in the world – announced Tuesday its intention to become the first US trading platform authorized to launch bitcoin futures. This news has attracted the attention of many people as the CME group said last month that it was not the intention to list the Bitcoin futures in a near future. Nevertheless, the foreign exchange operator reversed this position, citing strong demand for institutional and commercial financial products that offer investors exposure to bitcoin.
The Bitcoin price had already hit a new high water mark on Sunday, crossing the $ 6,300 mark, and the CME announcement provided Bitcoin with the fuel it needed to continue to evolve the cards. Shortly after the announcement, the price of bitcoin climbed above $ 6,400, and he maintained that lead throughout the day.
Bitcoin Price Graph | Source: BitcoinWisdom
Despite this rapid increase, the price of bitcoin rose again Tuesday, reaching $ 6,600 in the US coinbase bitcoin market to reach a new record of $ 6,619. This translates into a market capitalization of more than $ 110 billion, bringing the dominant bitcoin share of the total market capitalization of cryptocurrency to just under 60%.
The CME group's official list of bitcoin futures, expected to take place before the end of the year, is expected to trigger another price hike, as well as a major capital injection from the share of Wall Street companies. In addition, the existence of Bitcoin futures should allow the Securities and Exchange Commission (SEC) to begin reviewing applications for Bitcoins ETFs, exchange-traded funds that trade futures on bitcoins. These Bitcoin ETFs will be made available to retail investors, will bring more liquidity to the ecosystem and many analysts expect that their launch will lead to an even greater increase in bitcoin prices, up to 7,500. or $ 10,000 in the near future.
Of course, the rapid rise of the bitcoin price in response to the announcement indicates that, to some extent, these anticipated developments have already been incorporated. As a result, the bitcoin price may be slightly corrected if regulators adopt a hostile position on the futures or ETFs negotiating these contracts. However, Terry Duffy, president and chief executive officer of CME Group, said the foreign exchange operator is working closely with regulators to market these financial products, and it does not expect that the regulations prevent the stock market from launching Bitcoin futures. ]
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