Mainstream press reports concerning crypto department have been buzzing round the clock for some time now with regular occasions sending ripples through crypto sphere. The latest announcement by CME Group to launch Bitcoin futures have imparted a “Legit” tag to these digital dealings. Bloomberg used the term “floodgates have been opened” for describing the current scenario of world’s largest exchange platform giving a positive nod to futures trading by 2017 end. Bloomberg wrote, “Bitcoin is going legit, for better or worse.”
Bitcoin price is continuously rising creating new all time highs almost everyday. At the time of publishing this article, Bitcoin price was $6900 whereas the all time high newly created was $6922.
CME stated last month that it has no intention of coming forward with Bitcoin integration anytime soon. Thus their latest announcement really did come as a big surprise for crypto enthusiasts around the globe. The corporation stated that one of the most pertinent causes behind their change of operational trajectory was client hunger to become a part of this every-growing craze.
“Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a Bitcoin futures contract. As the world’s largest regulated FX marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities,” said Terry Duffy, the CEO and Chairman of CME Group during a recent press release.
With Wall Street influx posing a possibility of getting underway ahead of its stipulated schedule, markets did react positively with Bitcoin touching record highs. During the time of such announcement, Bitcoin traded at $6449.
Not Against Bitcoin
Jerome Jay Powell, is expected to be choosen as the next US Fed Chairman. Powell said earlier in June that he is not against Bitcoin.
“I have nothing against bitcoin, nothing They are associated with money laundering and those sorts of issues, but we’re not broadly opposed or supportive of alternative currencies”, says Powell.
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