Bitcoin price shatters record by reaching $7000 for the first time

Bitcoin Isn’t “Too Expensive”

The digital currency slammed a new record-again-this week, rising to $7,351.46 on Thursday.

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Despite the gains this year and so many loving the cryptocurrency, bitcoin also has some spectics, including JPMorgan CEO Jamie Dimon and Larry Fink, the CEO of Blackrock. The surge was the result of CME announcing the plans to launch bitcoin futures later this year. One more thing that the new milestone opened is the increase in the total market value of the coin which is now topped at $189 billion, another milestone for the cryptocurrency.

"Given increasing client interest in the evolving cryptocurrency markets, we have chose to introduce a bitcoin futures contract", said Terry Duffy, CME Group Chairman and Chief Executive Officer. The bullish streak from the digital currency remains unbeaten and unchallenged despite having several other digital currencies claiming new popularity and following. 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! According to the Chicago Mercantile Exchange, the whole Bitcoin futures contracts are expected to be settled on and will be strongly based on the CME CF Bitcoin Reference Rate or the BRR. The decision from the institution, which dubs itself "the world's leading and most diverse derivatives marketplace", gave bitcoin a major vote of confidence and is seen as a step towards its widespread acceptance on Wall Street. That, however, is not stopping many from speculating where they believe the currency will be. The value of the bitcoins was estimated around $6300 just a day ago. In terms of India Rupee, one unit of Bitcoin now equals more than Rs 4.54 lakhs as of today. As long as demand for it remains, it will continue to grow and as its value does, so too will future price predictions.

"If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market".

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