Another reason that could explain the market's overwhelming appetite for Bitcoin could be the upcoming update for the software that supports the trading operations for the cryptocurrency. As of writing the price is just under the $7,000 threshold and has a market cap of $115,577,159,155, or over $115 billion.
Bitcoin climbed past $7,000 for the first time, breaching another milestone less than one month after it tore through the $5,000 mark.
The latest spike in value brings Bitcoin's yearly gain to well over 600 percent.More news: Here's How Team India Paid Tribute to Retiring Ashish Nehra
According to the report, the decision came after the digital currency Bitcoin hit record highs when CME Group, operator of the world's largest futures and options exchange, announced the launch of Bitcoin futures by the year-end. The second most popular cryptocurrency, Ethereum, fell slightly from $302 down to $288.
Bitcoin Futures have been a trending theme not only in the Bitcoin community but also on Wall Street. The bullish streak from the digital currency remains unbeaten and unchallenged despite having several other digital currencies claiming new popularity and following.
CEO of Crypto Facilities, Dr.Timo Schlaefer remarked: "We are excited to work with CME Group on this product and see the BRR used as the settlement mechanism of this important product". They understand our application. The surges are the major areas of interest to them and so far, bitcoin has been going through plenty of them. According to a recent article by Forbes, the Chinese government might allow cryptocurrency trading again. 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. Nevertheless, there are a lot of reasons why Bitcoin will further rise in the future as more and more governments are planning to accept and properly regulate Bitcoin as a currency and store of value. "However, if bitcoin breaks the lower support, this would send a very, very bearish signal to traders, indicating a breakdown of the 2-year long bull market", Bitcoin Magazine writes.