Bitcoin price registered an all-time high for the third day in a row, surpassing the $6,600 mark for the first time following CME Group’s announcement that it would list bitcoin futures on its derivatives exchange.
As reported earlier, CME Group – the world’s largest regulated derivatives exchange – plans to become the first licensed U.S. trading platform to launch Bitcoin futures contracts. CME Group had earlier stated that they did not plan to list Bitcoin futures, but reversed their stance, citing high demand for institutional and commercial financial products that provide investors with exposure to Bitcoin.
Following this news, Bloomberg writes, “Bitcoin is going legit, for better or worse,”
Bitcoin has the momentum now. From here, it wouldn’t be surprising to see the prices crossing $10,000 before the year ends. The Bitcoin price had already achieved a new all-time high on Sunday and Monday, and the CME Group announcement provided Bitcoin with the fuel it needed to continue the unprecedented rally.
At the time of writing, Bitcoin is comfortably trading at $6577, posting a market cap of $109 billion. This has raised Bitcoin’s dominance in the cryptocurrency market to just under 60%.
It is likely that when Bitcoin is actually listed on CME Group’s bitcoin futures before the year ends, we may witness another rally due to the significant infusion of capital from Wall Street firms. This will also make Securities and Exchange Commission (SEC) to begin reviewing applications for Bitcoin ETFs.
Exciting times ahead for Bitcoin.
Top Stories from the Crypto World
1. Students are flocking to take cryptocurrency courses
The rise of bitcoin is seeing an increasing number of students signing up for cryptocurrency classes at top computer science schools such as Stanford.
According to Dan Boneh, professor of cryptography at Stanford, he is attracting a large number of people to his cryptocurrency courses. He said, “Cryptocurrencies are a wonderful way to teach cryptography. There are a whole bunch of new applications for cryptography that didn’t exist before.”
Boneh’s online cryptography course has already seen over one million signing ups.
2. New Zealand classifies all tokens and cryptocurrencies as Securities
Thenew zea (FMA) of New Zealand has published an explanation of token events, insisting that ‘the extent to which an ICO is regulated depends on whether a “financial product” is being offered to retail investors in New Zealand.’
As per the authority’s Financial Markets Conduct Act in 2013, Debt Securities, equity securities, managed investment products and derivatives are the four categories of financial products.
The regulator added:
“All tokens or cryptocurrencies are securities under the FMC Act- even those that are not financial products. A security is any arrangement or facility that has, or is intended to have, the effect of a person making an investment or managing a financial risk.”
3. Fiat currencies are hampering blockchain innovation, says London Stock Exchange Exec
David Harris, head of commercial innovation at the London Stock Exchange Group (LSEG), said that he looks forward to a day when central banks will issue their own cryptocurrency.
“Eventually, and hopefully, central banks will issue their currency in a digital form on a blockchain, because then that will facilitate collateral movement,” Harris said.