Bitcoin Blasts Above $7000, Slams Previous Record

Bitcoin Blasts Price Rise

CME, the world's largest futures exchange, has announced plans to launch bitcoin futures in the fourth quarter pending regulatory review.

So with bitcoin illustrating a new level of maturity, where can we expect to see the cryptocurrency in the next 10 years?

On Thursday (November 2), the digital currency reached its new record of $7,351.46 at roughly 7:15 a.m EST, according to Coindesk, rising roughly seven percent since the open.

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The development comes at a time when Bitcoin, the oldest and most popular cryptocurrency in the world, is on a roll.

Bitcoin breaks another record as the price of the cryptocurrency continues to rise, driven by new bullish trading since Tuesday, Oct. 31. One more thing that the new milestone opened is the increase in the total market value of the coin which is now topped at $189 billion, another milestone for the cryptocurrency. China, South Korea, Russia, and Vietnam have already emplaced stringent restrictions on digital currencies, with many hoping that China will return.

Hesham Rehman, CEO & co-founder of Bitxoxo, was quoted as saying that instead of shutting down cryptocurrencies dealers, the government must take steps to curb buying and selling of bitcoins or cryptocurrencies in cash.

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The futures contract will be based on the CME CF Bitcoin Reference Rate (BRR) that the firm launched in November of past year in partnership with Crypto Facilities.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge. Just like gold futures, Bitcoin is looking to enter the same market all thanks to the CME Group. This forms a substantial part the aggregate value of all cryptocurrencies, which is now at a record high of over $190 billion according to website.

"The BRR has proven to reliably and transparently reflect global bitcoin-dollar trading and has become the price reference of choice for financial institutions, trading firms and data providers worldwide", Schlaefer said.

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