Bitcoin Hit New All time highs
The run in the price of Bitcoin is remarkably being fueled by two core fundamental events which include the upcoming public listing of Coinbase cryptocurrency exchange, as well as the growing list of firms pressing on the SEC for an ETF product.
Before hitting its new all time high today, BTC was consolidating over the last month, while altcoins have hit fresh yearly highs. “This is healthy consolidation for bitcoin given that we have already hit close to 100% YTD return on BTC and the market needed to take a pause,” Pankaj Balani, CEO and Co-founder of Delta Exchange, a crypto derivatives exchange, said in an emailed comment. This year, there have been no less than six significant events in the cryptocurrency sector that, together, have strengthened the upward trend in price.
He added that Bitcoin is trending higher and heading towards its all time high of USD 100,000, while it is also gaining much more traction amongst the mainstream investors. “With CME launching bitcoin futures, mainstream investors are able to trade in bitcoin on the world’s largest futures exchange. Further, with Bitcoin futures, the market participants are able to hedge risk as they can offset profits and losses, as well as hedge their exposure to digital currency,” Balani said.
The CME Group is set to launch a bitcoin futures product on December 18, which will be the first of its kind. The price of bitcoin has risen over 470% this year and over 3,000% in the last five years. The crypto market cap is currently above $300 billion.
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