Bitcoin Goes Through The Roof After CME Plans Bitcoin Futures

Bitcoin Goes Through The Roof After CME Plans Bitcoin Futures

Research  these Stocks on Kapitall’s Playground Now

research now

by: Shanthi Rexaline, Benzinga Staff Writer


The breathtaking rally in bitcoin continues unabated, with the most popular among a myriad of cryptocurrencies hitting a fresh high of $6,600.84 Wednesday.

The trigger for the most recent record run is indication from the CME Group Inc CME  that it would launch bitcoin futures in the fourth quarter.

The bitcoin is currently trading up about 1 percent at $6,510.66.

The gains have catapulted bitcoin's market cap to a record $108.83 billion, with the total market cap of all cryptocurrencies combined together also at a record $183.59 billion, according

Putting things in perspective, the combined market cap of all digital currencies have now exceeded the market cap of Goldman Sachs Group Inc GS and Morgan StanleyMS put together, according to Reuters.

Created in 2009, bitcoin did not trade in any exchange in 2009, giving it a technical value of zero in the year of its inception. In 2010, when it began trading on exchanges, the highest value recorded was 39 cents. Given the $6,600, plus, value at which bitcoin is trading now, early investors, if they would have held onto their investment, would have pocketed staggering gains.


bitcoin.png Source:



The surge in the valuation of cryptocurrencies should now keep skeptics, especially among Wall Street firms, at bay. JPMorgan Chase & Co. JPM CEO Jamie Dimon had expressed his displeasure with the digital currencies at multiple forums in the past.

Analysts are optimistic that the rally in bitcoin has a further leg to play out, with some predicting bitcoin to hit $7,000 in the next few days and soaring to $10,000 by the end of 2017.

However, a near-term correction is seen amid the Nov. 16 hard fork of SegWit2x, which would change the size of the blocks passed around the network and stored in the blockchain from 1 MB to 2 MB.

Meanwhile, gold coins and other related products are losing luster, the Wall Street Journal said quoting analysts. Sales of gold dealers fell by a mammoth 70 percent year-over-year, the report added. Also, the value of "American Eagles," a gold coin considered a proxy for physical gold, is at a decade low.

The culprit that robbed the sheen off gold is said to be cryptocurrencies, which have now become safe havens, supplanting gold, which has traditionally served as a safer bet in times of distress.

Bitcoin has "taken some of the dedicated interest in gold away from gold," the Journal said quoting Mohamed El-Erian, chief economic adviser at Allianz SE.

El-Erian had warned at a CME Group event in September that cryptocurrencies could pose a long-term threat to the precious metal.


© 2017 Benzinga does not provide investment advice. All rights reserved.


8 responses to “Bitcoin Goes Through The Roof After CME Plans Bitcoin Futures”

  1. sugar-daddy says:

    These three primes
    often converge creating the secret underground "older man being
    financially generous to beautiful younger woman" situation.

  2. In a unique thrashing for Apple, the tech goliath has lost elite responsibility for iPhone trademark

  3. Zafar Yaqoob says:

    CME Plans Bitcoin Feature, Tody bitcoin is crashed Check it out.

  4. imogencraig says:

    Try not to give out futile things like ludicrous testaments or something like that. Split testing is an effective system to decide absolute best procedures considering that it gives extraordinary web pages to various gatherings. Do you require quick money? In the event that yes, you have to waver to influence utilization of moment credit to offer you.Before covering the pool, the great old gas radiator would start up around 34 am each morning to keep up the pool temperature. They are tough and are turned out to be to a great degree powerful. English Essays help

  5. Alvert says:

    Bitcoin is a virtual coin. Now some people use virtual money for online translation. Just now i have visit this website then i got lots of information about virtual coin. I am very surprised for that.

  6. Colin says:

    Usage of cryptocurrency simplifies the process of trading as it helps transferring funds in the form of digital currency.

  7. jayniferson says:

    Good Information Provided by you But Recently Trends in Blockchain so Blockchain Development Company gets benefits.

  8. Bomber Jacket says:

    Don’t chase, get chosen with In Style women jackets online! We bring a variety of branded and trendy women jackets. Click to see our exclusive collection.n Style makes you stay classy and suave! Our incredible collection of jackets are available for all wears; be it formal or casual. We have a stock of all standard sizes and colors, as they’re available for people of all ages.
    Biker Leather Jacket apparel is one of the recent hottest developments on the planet earth and especially famous where cold climate prevails all over the year. . .

Leave a Reply

Your email address will not be published. Required fields are marked *

  • See Most Recent Articles