Bitcoin Hits All Time High Amid CME Group Announcement
By November 1st 2017, the price of Bitcoin achieved another all-time high hitting $6,450 USD across some of the major active exchanges. According to a number of analysts, the recent surge that had been witnessed in the price of Bitcoin has been attributed to the introduction of the Bitcoin futures exchange launch by the CME Group, which is scheduled for the 4th quarter of 2017. Bitcoin has continued to post several record highs, moving up above $6,500 USD before settling at $6,600 USD for the first time on November 1st 2017.
This week has seen tremendous progress across the industry, with a breakthrough of $6,300 USD and $6,400 USD seen for the first time after a very long period. The rise that was seen on Wednesday, November 1st, seems to be just a continuation of the rally on Tuesday, which had been sparked by news that CME Group was making arrangements to introduce bitcoin futures. Just within the last 24 hours, over $720 Million USD worth of Bitcoin has been exchanged on the Bitcoin / US Dollar pair. This represents 24% portion of the daily output, following the 60% posted by JPY.
According to most Bitcoin traders, the bull run that has been witnessed this week can be attributed to the upcoming fork in the underlying software of Bitcoin. The SegWit2x software update will take place on November 16th and could possibly divide Bitcoin into two, introducing a new currency. This is something that has been seen in the past with Bitcoin Gold and Bitcoin Cash, and in these two instances, Bitcoin holders were lucky to have new coins given to them for free. Investors, therefore, might flock into the Bitcoin with hopes of getting a SegWit2x dividend.
This year, Bitcoin has been on a serious tear, rising by over 500% up against the dollar. This tremendous rise in price has been affected by the ever-growing mainstream awareness and adoption of Bitcoin and other cryptocurrencies. It is estimated that no less than 55 cryptocurrency hedge funds have been seen this year. Most of these have been focusing on Bitcoin.
Bitcoin Futures Announcement by CME Group
On the morning of November 1st, 2017, the global largest derivatives exchange; CME Group, made the announcement that it would allow trading of the Bitcoin futures contracts this year. This makes it the second regulated platform in the United States to provide such products to institutional investors. Just barely a month ago, LedgerX introduced Bitcoin derivatives and has been able to record higher than expected volumes.
Suspension of Services by BitPay During the SegWit2x Fork
BitPay, a company based in Atlanta, Georgia has given a schedule of operation that they plan to undertake during and after the block height 494,784 hard fork. The firm has cited security and safety of its users as the top priority and added that they are planning to take precaution to safeguard all its users.
Even though they insist that they will still do all they can to offer services on the Bitcoin blockchain, it is asking its users to stay away from the Bitcoin network as the block 494,784 is underway. This should continue until everything is solved accordingly.
The Week in Brief
Bitcoin rose up high above $6,600 USD, seen for the first time on the morning of Wednesday, 1st November 2017. At the time of this post, 1:20 PM PST, Bitcoin was trading at $6,962.46 USD.
This rise has been able to extend a bull run for the cryptocurrency that had been seen recently. This development comes at a time when the world’s leading exchange operator, CME Group is planning to introduce Bitcoin futures.
To stay updated with the latest developments in the world of Bitcoin and cryptocurrency, check out our Weekly Bitcoin Price Report.