Bitcoin value continued its precipitous climb today, reaching $7,351.46 on the Coindesk market index at 6:17 a.m. Central time U.S. This is the third straight day, and the fourth in the past five, that Bitcoin has hit a new high-value plateau.
The surge is largely attributed to the announcement by CME Group that it will launch trading in Bitcoin futures before the end of the year. CME Chairman and CEO Terry Duffy discusses the announcement in the Fox Business video above.
Acceptance of Bitcoin by traders of so-called legacy equity products has long been seen as a probable accelerant to its value. This is due to the economic principle of increased demand resulting in increased price, as validated by this tweet:
— Alistair Milne (@alistairmilne) November 2, 2017
and this one:
Off Bitcoin Surge, Cryptocurrencies Now Worth More Than Morgan Stanley, Goldman Sachs Combined https://t.co/PiS1N2Kbzh (TheWrap)
— Industry News (@ProducerThought) November 2, 2017
BitcoinCoaches.com will follow the story throughout the day, and post updates as warranted.