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$ 7,150: The Bitcoin price reaches a new historic high; $ 10,000 by the end of 2017?

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Earlier today, November 2, the bitcoin price reached a new historical record of $ 7,150. , entering the region of $ 7,000 for the first time in history.

Over the past three days, the market has shown absolute confidence in Bitcoin's medium-term trend and performance, given that CME, the world's largest stock exchange, has launched the end of 2017, and the increased likelihood of the US Securities and Exchange Commission (SEC) approving a bitcoin ETF by mid-2018.

Significance of Bitcoin Futures and ETFs

Billions of dollars are currently stored in offshore bank accounts and wealth management products (WMPs). However, institutional investors, retailers and high-level traders can not invest directly in bitcoin because of the regulatory frameworks established by the US financial authorities.

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Options, derivatives and Bitcoin futures will allow investors to allocate money on bitcoin and the cryptocurrency market, via strictly regulated channels such as LedgerX and the CME futures exchange.

Already, the LedgerX team had revealed that it had processed more than $ 1 million worth of bitcoin derivatives and futures in the first week of its operation, during a period when Was not expecting to handle minimal volumes. trades to test the system and the exchange.

It is quite possible that hundreds of billions of dollars can be allocated to bitcoin in the medium term, at least in the coming years, which could allow bitcoin to evolve towards a capitalization multi-billion dollar market. Obviously, the market has been confident in the medium-term trend of bitcoin, as the price of bitcoin has surpassed $ 7,100 this week.

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Terry Duffy, President and CEO of the CME Group, said that the institution has seen a surge in demand for bitcoins and the cryptocurrency market and has decided to go ahead. offer a futures market to meet this demand. Duffy said

"Given the growing interest of customers for the evolving markets of cryptocurrency, we decided to introduce a futures contract on Bitcoin.As the largest foreign exchange market CME Group is the natural home of this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities. "

Moreover, CBOE, one of the largest exchanges of options in the US alongside CME, also announced that it has entered into a partnership with Gemini, the leading US cryptocurrency exchange, to launch bitcoin derivatives in the near future.

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With LedgerX futures trading, CME and CBOE operating in the coming months, Bitcoin ETFs will likely be approved by the US SEC and will drive the bitcoin price to the interim target of eminent analysts like Max Keizer , which predicted the price of bitcoin to reach $ 10,000 in the short term.

Is $ 10,000 in 2017 possible?

As Bitcoin Cash and Bitcoin Gold have done, the SegWit2x rigid fork of November 16 will likely cause a slight bitcoin price correction, especially a few days before and after the fork. But, there are also minor factors that could contribute to the price of bitcoin by reaching the $ 10,000 goal. Rumors about the Chinese government's ability to resume trading in cryptocurrencies have resurfaced, and South Korea's bitcoin market has grown exponentially in the past month.

See also  The Bitcoin price reaches a new historical record in South Korea, at $ 8,450

Image from Shutterstock to photo

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