During the last few days, Bitcoin price has been really unstable.
On November 1st Bitcoin hits its new rates. On Wednesday evening Bitcoin for the first time reached 6 900$, to be precise, exactly at 9:36 pm (European time) the price hit 6 922$.
This Wednesday, a value of Bitcoin was changing hour by hour. It hit 6 400$, and that was a lot already. Barely a few hours later, reached 6 600$.
Analytics submitted that entire Bitcoin circulation counted around 110 billion dollars.
After CME announced on Tuesday that they are going to implement future contracts to Bitcoin, the situation had changed dramatically. The price immediately jumped from 6200$ to 6400$. No date of implementation is given yet. We just know that contract purchaser will not be able to demand a physical underlying instrument. Secondly, it will be cash-settled and based on the BRR ( Bitcoin Reference Rate). Terry Duffy, who is chairman and CEO in CME, explained that it is because of raising the interest of clients. Moreover, CME confessed that they wanted to make the price higher and also attract more institutional investors.
Regulation changes have a significant influence on modifications of Bitcoin price. For example, when Japanese government let shops to accept Bitcoin payments – price firmed. Unlike this situation, when China banned cryptocurrency trading, exchange rates decreased.
Currently, Bitcoin exchange rate is 7 573 dollars and it still rising.
Last modified: November 5, 2017
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