Since two year, Bitcoin is trading at its highest price, considerably increased by 25%.
Key point to be considered – Lessening supply:
An Extreme feature of Bitcoin is that new coins undergoes mining to add circulation, unlike fiat currencies. However, a new bitcoin is mined a record of its added to the blockchain effectively a huge ledger tracks all bitcoin transactions.
Bitcoin future Trading
Recently, CME announced its plans to launch Bitcoin futures in the fourth quarter. The CME Group Inc is the world’s biggest exchange declares the launch of a Bitcoin futures contract. Consequently, if the plan succeeds, it will lock in Bitcoin’s legitimacy on Wall Street by secured niche in markets.
Terry Duffy, CME Group chairman and CEO, said,
“Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract”.
Moreover, based on the CME CF Bitcoin Reference Rate (BRR), bitcoin futures contract will be cash-settles. It was declare in November 2016 with digital trading London on platform Crypto Facilities.
Additionally, the evolution of bitcoin derivative is a new step towards development of the cryptocurrencies. In which few exchange sellers traded funds also filed for Bitcoin ETFs that track bitcoin futures.
In August, the largest US options exchange, the Chicago Board Options Exchange says its CBOE Futures Exchange plans to offers cash-settled bitcoin futures within 2018.
On the other hand, Segwit2x an anticipated fork confirms for activation on November 16. However, the few exchange will accept the new currency wherein other exchanges like BitMEX and GateCoin will not support the fork.
Notably of these announcements, DataWallet CEO and founder Serafin Lion Engel quoted that Bitcoin climbed 10% within a week.
“The CME announcement marks the official inflection point of bitcoin crossing the chasm from being champion exclusively by tech savvy early adopters to starting its proliferation among establishes financial institutions. While it was easy for critics to label early adopters’ enthusiasm as foolish, the adoption of bitcoin by institutions such as CME gives the cryptocurrency a seal of approval that will eradicate even the most well-reasoned criticism expert may voice. This paves the way for bitcoin living up to its full potential and soaring high into the five digits”.