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November 2, 2017

Bitcoin price shatters record by reaching $7,000 for the first time

This latest price surge was sparked by the announcement of Bitcoin futures trading by CME Group.

By Tom Ball

Adding to the explosive and remarkable progress of Bitcoin in 2017, the popular digital currency just shattered its price record by passing the $7,000 mark for the very first time.

Strong trajectory caused the currency to fly to a towering $7,066.44 high, having begun the year with just the $1,000 price milestone in its trophy cabinet. This highpoint was recorded by the Bitstamp exchange.

Having faced challenges that have temporarily caused Bitcoin enthusiasm to falter, this record has been broken following a surge that was sparked when Bitcoin futures trading was announced by derivatives marketplace, CME Group.

Bitcoin’s meteoric growth has drawn high-profile, global attention, with the likes of John McAfee and the CEO of JPMorgan, Jamie Dimon.

John McAfee issued a warning to financial institutions, telling them that they should have some fear, aligning the growth of digital currencies with citizens relinquishing control from banks and governments.

The JPMorgan CEO, Mr Dimon, does not believe digital currencies have a future, expressing a belief that eventually governments will simply ban their use. China, South Korea, Russia, and Vietnam have already emplaced stringent restrictions on digital currencies, with many hoping that China will return.

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Christine Lagarde, Managing Director of the International Monetary Fund (IMF), also gave a Bitcoin warning of potentially major disruption. She has encouraged banks and regulators to learn about the technology, and to be prepared. Lagarde’s warning was not negative, indicating that the IMF may in fact look into enhancing its own processes by creating a specialised cryptocurrency.

Regardless of opinions, Bitcoin is currently racing ahead of expectations, still riding high towards the end of 2017. Bitcoin’s market cap is now over $117 billion, with cryptocurrencies worldwide worth $190 billion, according to the Coinmarketcap website.

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