OMG! Bitcoin Price Jumps Above $7,400 For The First Time
OMG! Bitcoin Price Jumps Above $7,400 For The First Time

The most famous cryptocurrency in the world, of course, Bitcoin continues its upward rally. Now the price of this famous cryptocurrency has recently passed at the end of 2017 the threshold of $7,400 for the first time in three years.

OMG! Bitcoin Price Jumps Above $7,400 For The First Time

Bitcoin, the largest cryptocurrency, is controlled by computer algorithms and not central banks, unlike conventional currencies. Its defenders applaud its traceability and critics argue that it is a route for money laundering and fraud.

If you remember, in the month of September, Bitcoin the digital currency suffered a significant fall. Almost 40% in just two weeks, from about $5,000 to around $3,000. Well, just a few days ago we have also seen Bitcoin beating its historical record above the $5,200. Even, before that, a few days ago, the cryptocurrency reached the value of $6,000 for the first time in the history.

A few days ago, the value of bitcoin broke the record of six thousand dollars. This time, it surpassed the US $7400 level in several foreign exchange offices.

At CoinDesk, bitcoin peaked at $7,426. At the moment, it retreated to $7,418.93. This pushed the market value of this cryptocurrency to $120 billion.

What caused this sudden high? This time around, it appears to be CME Group, the largest global player in derivatives – its financial assets whose value depends on other assets such as stocks, gold or certain crypto-coins.

CME announced on Tuesday 31st that it plans to launch bitcoin futures in the fourth quarter after regulatory approval. “Given the growing interest of customers in the crypto-currency markets, we have decided to introduce a bitcoin futures contract,” said Terry Duffy, CEO of CME Group, in a statement.

This may bring more institutional investors to the market, with billions of dollars worth of equity. “Bitcoin is coming out of the financial west to reach the mainstream,” said Charles Hayter, CEO of Crypto Compare website, to CNBC.

The price of this well-known cryptocurrency has increased 600% since the beginning of the year. These were the levels, as TechCrunch recalls:-

  • May 20: US $ 2000
  • August 4: US $ 3000
  • August 12: US $ 4000
  • October 12: US $ 5000
  • October 20: US $ 6000
  • November 2: US $ 7000

Well, Cryptocurrencies are extremely volatile, so these reports are risky and exaggerated. Cryptocurrencies are no stranger to fluctuations in prices. So, what do you think about this? Share your views and thoughts in the comment section below.



AUTHOR

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.