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Bitcoin Price Continues to Rise, Sets New $7,300 Record: Factors Urging Price On


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Another day, another all-time record high for bitcoin.

Bitcoin’s price has continued to climb overnight, entering the $7,000 region for the first time in its history. On the 2nd November, bitcoin’s value briefly rose to $7,367 before dropping back down to $6,959 according to CoinMarketCap.

This new record builds on several days of record highs from the currency highlighting investor confidence in it. Just yesterday, bitcoin recorded a new price at $6,600 after the CME Group announced that it was planning to launch a Bitcoin futures contract by the end of the year.

The new record comes at a time when bitcoin will be undergoing a hard fork later this month. However, the question as to whether bitcoin would be able to reach $7,000 before the planned split has now been answered. With bitcoin scaling to new heights, is it possible that it will top $10,000 before the year’s out?

It is proving to be an exciting time for the number one cryptocurrency as it enters uncharted waters, but what happens next remains to be seen.

One of the factors behind bitcoin’s rise is the recent announcement from the CME Group. Pending regulatory approval, Bitcoin futures may be launched later this year. Terry Duffy, CME chairman and CEO, remains confident that it will pass. The possibility of this is likely to attract new investors to the market.

Another factor behind the cryptocurrency’s rise may be down to the fact that Amazon has registered three digital currency-related web domains. According to a report on one of the leading cryptocurrency news platform, ‘amazonethereum.com,’ ‘amazoncryptocurrency.com’ and ‘amazoncryptocurrencies.com’ were registered on the 31st October. At present, it’s not known what the purpose of the web domains are; however if the company does start to accept digital currencies for purchases it could potentially open the door to new customers, further boosting its price.

A third factor that is impacting bitcoin’s price is that there is a possibility that the U.S. Securities and Exchange Commission (SEC) may approve a Bitcoin ETF in the second quarter of 2018. ProShares and VanEck, two of the biggest ETF sellers, filed applications in the last few months with the SEC to introduce bitcoin ETFs to track Bitcoin futures. Yet, VanEck has withdrawn its application due to the fact that the SEC said it wouldn’t review a filing for something that doesn’t exist.

The probability of a Bitcoin ETF is likely to be approved if the CME Group launches its bitcoin futures as planned. That’s certainly the thinking of Brian Kelly, a member of the working group for the CME bitcoin futures and a CNBC contributor.

So with bitcoin continuing to climb to new heights, where will it head to next?

Image: Shutterstock
Rebecca Campbell
Rebecca Campbell
Rebecca Campbell is a freelance bitcoin and blockchain journalist based in England. She has a keen interest in the blockchain space and the use cases the technology is being in and is excited to see what new changes the distributed ledger brings to our day-to-day lives.


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