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2 Nov, 2017 12:02

Bitcoin skyrockets into stratosphere smashing $7,000 level

Bitcoin skyrockets into stratosphere smashing $7,000 level

The world's most popular digital currency is on a record-breaking marathon. Bitcoin has again attained a new record, jumping over the US$7,000 barrier.

The cryptocurrency has gained nearly 15 percent in just four days. Bitcoin was trading at $7,341.84 at 12:00pm GMT on Thursday with more than 3.8 billion trading volume in the past 24 hours, according to the industry website Coinmarketcap.com. Bitcoin's market value is now $122 billion of the overall cryptocurrencies market cap of $191 billion.

On Wednesday, Bitcoin set a price record over $6,600, after breaking $6,400 earlier in the day. The currency has gained over $700 since, up over ten percent day-to-day.

The unprecedented weekly rally is reportedly fueled by news that the world’s largest futures market operator CME Group is going to launch a cash-settled Bitcoin futures contract this year. The company is reportedly expecting approval from the US Commodity Futures Trading Commission.

The start of a bitcoin futures contract is expected to bring the market more institutional investors, according to the CME Group.

The contract is planned to be cash-settled and be based on the CME CF Bitcoin Reference Rate (BRR), which the company started in November 2016 with London-based digital trading platform Crypto Facilities.

According to industry analysts, the step may become a catalyst for the bitcoin to be seen more favorably by regulators. Similarly, bitcoin saw a significant surge after Japanese authorities agreed it could be used as a legal means of payment.

However, volatility continues to plague bitcoin, which saw its price plunge 13 percent last month shortly after one of the biggest exchanges in China announced it was shutting down operation.