Get trading recommendations and read the analysis on Hacked.com for only $ 39 a month.
The Bitcoin price hit a new record high Tuesday after the announcement by the CME group that it intends to list bitcoin futures before the end of the year. # 39; year.
The World's Largest Derivatives Exchange Launches Bitcoin Futures
This morning, CME Group – the world's largest derivatives exchange – has revealed that, pending regulatory approval, it will allow the trading of bitcoin futures before the end of the year, making it the second largest platform for institutional investors. LedgerX launched bitcoin derivatives earlier this month and has already seen higher volumes than expected.
The availability of Bitcoin futures is expected to introduce a wave of Wall Street capital into crypto markets, increasing liquidity and – presumably – increasing the price of bitcoin. It also means that the Securities and Exchange Commission (SEC) will review future applications for Bitcoin ETFs that are trading in futures. The SEC had previously stated that it could not review these claims until the futures contracts were posted on the regulated markets.
The Bitcoin price climbs to $ 6,450
In response to CME's announcement, which took place on the ninth anniversary of the publication of the Bitcoin white paper, the Bitcoin price began to climb, eventually reaching a historic high of $ 6,450 on Bitfinex, the Bitcoin exchange the most important.
Currently, the price of bitcoin is trading at a world average of $ 6,387, according to data from CoinMarketCap, giving bitcoin a market capitalization of $ 106.3 billion. This growth also raised the cryptocurrency market's ceiling to a new record high of $ 182.7 billion.
Despite the meteoric rise of bitcoin since the beginning of the year, many industry analysts believe that, thanks to the adoption of cryptocurrency by Wall Street, bitcoin will continue to recover in the foreseeable future. Max Keizer, who recently predicted that the Bitcoin price will reach $ 10,000 in the near future, has even predicted that the "laws will be created" and modified to accommodate Wall Street investors who will move into the markets in the months to come . "Wall [Street] is predictable," he concluded, adding that "there is no top."
Picture of Shutterstock photo