Backing from CME sees Bitcoin rise to record $7000

Bitcoin Surges as CME Plans to Introduce Bitcoin Futures

The price of the cryptocurrency surpassed $6,500 and then smashed through $6,600 barrier in a single day to set an all-time high! A government panel has reportedly recommended shutting down cryptocurrency dealers operating in the country to put an end to use of cryptocurrencies such as Bitcoin.

The most popular and well-known cryptocurrency, Bitcoin, has been taking the headlines today due to the huge strength it has and surging to another high at $7,000.

Still, analysts have remarked that the increase comes at a time when bitcoin has never been more visible in the public eye, with business leaders and investment luminaries now discussing bitcoin on an nearly daily basis. The surges are the major areas of interest to them and so far, bitcoin has been going through plenty of them. The popular cryptocurrency managed to hit a new record price of $6915 and a market cap valuation of over $115 billion at the time of writing.

Chinese authorities may have halted domestic trading of bitcoin exchanges and critics such as Jamie Dimon, JPMorgan Chase CEO, may have called it 'a fraud, ' but it's had relatively little impact on the currency's overall value.

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According to the newspaper, participants in India's bitcoin market expressed their disappointment as they were hoping for some form of a legislation to regulate the activities of local exchanges. Their reported market value is now as much as that of Goldman Sachs and Morgan Stanley evaluated together.

The most valuable cryptocurrency, Bitcoin, has smashed a new record for itself and any other cryptocurrency. "However, if bitcoin breaks the lower support, this would send a very, very bearish signal to traders, indicating a breakdown of the 2-year long bull market", Bitcoin Magazine writes. Bitcoin has grown leaps and bounds in terms of value in recent months, with 200 per cent growth during the course of past seveen weeks alone.

This week the cryptocurrency market reached a new record high.

It is evident that there is a growing demand for the world's leading cryptocurrency.

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