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Bitcoin price shatters record by reaching $7000 for the first time

03 November, 2017, 01:09 | Author: Melinda Barton
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The price of Bitcoin broke an all-time high of $6,600 on Wednesday as CME Group Inc., the world's largest exchange owner, announced its plans to introduce bitcoin futures by the end of the year.

The most valuable cryptocurrency, Bitcoin, has smashed a new record for itself and any other cryptocurrency.

At the time of writing, the price of Bitcoin managed to hit a new all-time high for the third time in nearly as many days, surpassing the coveted $6,000 mark and peaking at a global average of $6,609.

A government committee has recommended India's authorities to take immediate steps to shut down the country's cryptocurrency exchanges, saying that the use of bitcoins and its likes could result in a breach of anti-money laundering provisions, Indian financial news outlet The Economic Times said on Thursday, citing sources.

It's fair to say that even the most optimistic bitcoin fans will have seen the currency rise beyond their expectations this year.

The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the US dollar price of bitcoin. The surges are the major areas of interest to them and so far, bitcoin has been going through plenty of them.


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.

There are three plausible scenarios, though only one leads to bitcoin becoming more mainstream.

These are just a few and widely varying, examples of where the bitcoin's value could head to in the next decade.

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

Another individual making a case for bitcoin's future price is Wences Casares, CEO of Bitcoin wallet Xapo and a member of PayPal's board of directors.

"If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market".

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