The most valuable cryptocurrency, Bitcoin, has smashed a new record for itself and any other cryptocurrency. After passing the dizzying height of $6,000 it has now pressed on to reach a whopping $7,341.84 as of 12 PM UTC on Thursday. 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.
According to RT, the jump was fueled by CME Group’s plans to get involved with Bitcoin:
“The unprecedented weekly rally is reportedly fueled by news that the world’s largest futures market operator CME Group is going to launch a cash-settled Bitcoin futures contract this year. The company is reportedly expecting approval from the US Commodity Futures Trading Commission … The star of a Bitcoin futures contract is expected to bring the market more institutional investors, according to the CME Group.”
The latest gain adds credibility to claims made by speculators who believe that the cryptocurrency will reach $10,000 or even $50,000. We have seen how big of a hit Bitcoin takes, however, when countries like China restrict its circulation; a couple months back the price dramatically tumbled after the Chinese government shut down some exchanges and stopped the executives of those companies from leaving the country.