CME Group to Trade Bitcoin Futures | BTC at All-Time High Above $6,404 – NEWSBTC 11/1/2017

It’s Wednesday, November 1st, I’m Kiana Danial, CEO of Invest Diva with NewsBTC and here is your crypotocurrency update. Big news in the Bitcoin world: derivatives marketplace CME Group, which handles $1 quadrillion worth of contracts annually, has announced it will start trading Bitcoin futures. Later this quarter, CME will begin trading Bitcoin futures by way of a cash-settled contract based on its CME CF Bitcoin Reference Rate. The once-a-day rate will set the price of bitcoin futures and will be based on pricing seen on crypto exchanges such as Bitstamp, GDAX, itBit and Kraken. As CME notes, the combined market capitalization of crypto has reached $172 billion, with 54% of that coming from bitcoin. The Bitcoin spot market now trades roughly $1.5 billion in notional value a day. While Bitcoin price itself hasn’t been too shabby recently, CME’s push to enter the bitcoin business has only propped up prices. It reached new record highs of $6,404 on Tuesday, after Monday’s consolidation. Bitcoin hit all-time high levels versus the EUR and the GBP as well, trading at 5,582 and 4,875 respectively by the end of Tuesday’s trading. Other major cryptocurrencies including Ripple, NEO, Ethereum, and Dash have been mainly consolidating. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow