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Bitcoin surges past $7000 to reach all-time high

03 November 2017

The surge in the price of Bitcoin no means that the aggregate value of all cryptocurrencies unsurprisingly hit a new record price as well of $184 billion on Wednesday.

The whole intention and cause that the Bitcoin futures contract can bring to the community and in the market are with the expansion of possible people and "institutional" investors into the cryptocurrency market, analysts have been pointing out that the drastic change and announcement have been helping lift the Bitcoin prices today.

The snapshot record average high was based on the average price of Bitcoin across the globe with data taken from US, Japan, South Korea, Hong Kong, and European exchanges.

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Some may remember that it was only in September that Bitcoin crossed the $5,000 threshold for the first time.

The world's most popular digital currency is on a record-breaking marathon. The price of the cryptocurrency surpassed $6,500 and then smashed through $6,600 barrier in a single day to set an all-time high!

The futures contract will be based on the CME CF Bitcoin Reference Rate (BRR) that the firm launched in November of previous year in partnership with Crypto Facilities. That, however, is not stopping many from speculating where they believe the currency will be. More than two-thirds of Americans, for instance, have heard of bitcoin, and almost a third have heard of Ethereum, according to LendEDU surveys conducted in September and October. The value of the bitcoins was estimated around $6300 just a day ago.

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There are three plausible scenarios, though only one leads to bitcoin becoming more mainstream. This has had the effect of clung a surge in the price of bitcoin. The whole tremendous run was a good sign that most coin enthusiast and the market have been shrugging the "fork" news and bonanza.

With futures, financial institutions that may have been spooked by the volatility of bitcoin and other digital assets, which often gain or lose double-digit percentages of their value in a matter of hours, would have a way to hedge their bets.

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Bitcoin surges past $7000 to reach all-time high