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Bitcoin hits $12000 driven by Bitcoin Futures Contract launch

Bitcoin hits $12000 driven by Bitcoin Futures Contract launch

Bitcoin surpasses again all-time high new record of $12000 today i.e. 6th Dec,2017. According to the CoinmarketCap, the market capitalization is around $200. At press time the value was trading at $12,585.60.

bitcoin price

Moreover, in the last 24hrs of time period, it surges 4.66% besides 20% last week. Thus, the total market today that it commands is 56.2%.

Related CoverageBitcoin prices rises as CME to launch Bitcoin Futures on DEC 18

Futures Contracts drive growths

The rise of cryptocurrency is still driving by the scheduled launch of a regulated futures contracts. However, the entry of signal of institutional investment in bitcoin has been more beneficiary.

Noticeably, the world’s largest exchange companies, Cboe Global Markets, Inc. The CFE (Cboe Futures Exchange) plans to offer trading in bitcoin futures on Sunday 10th Dec at 5pm. Subsequently, Cboe will be the first US exchange too support trading for a cryptocurrency-derived futures product.

However, the contract relies on the cash-settle besides the price will be consider on daily auction from Gemini, a New York based crypto exchange.

CFE obstructs CME

Since, it was clear intend that to giveaway the following CME that had announced Friday -listing Bitcoin futures on Dec 18.

CME Group Chairman and CEO, Terry Duffy, said earlier that his company receives approval from the US Commodities and Futures Trading Commission. Thus, to list bitcoin futures and also allows setups around Bitcoin option.

Accordingly, the declaration of these products that several analysts believe that SEC will approve to the first exchange traded fund. Thus, it is investing in bitcoin futures contracts. On the other hand, turn bitcoin into a mainstream financial instrument and portfolio asset.

Author

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.