Bitcoin Hits New Threshold as Its Price Breaks Record of $7000

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The CME Group, the world's largest derivatives operator said Tuesday that it would introduce bitcoin futures contracts.

Bitcoin - the dominant digital currency on the market - zoomed to record highs above $7,300 early on Thursday, growing its market cap to about $120 billion.

Duffy, the chairman and CEO of CME group, mentioned at CNBC that he has been highly assertive that CME's application would most likely be approved by the US Commodity Futures Trading Commission.

CME added its bitcoin futures contract would be cash-settled on the basis of the CME CF Bitcoin Reference Rate (BRR), launched in November past year with London-based online trading platform Crypto Facilities.

"Given increasing client interest in the evolving cryptocurrency markets, we have chose to introduce a bitcoin futures contract", said Terry Duffy, CME Group Chairman and Chief Executive Officer.

The announcement somewhat marks a turning point for Bitcoin - one that shows a greater level of trust and acceptance for the leading cryptocurrency.

"While it's not the first to announce plans for bitcoin futures, CME may have a better chance of obtaining SEC approval for its proposal". However, bitcoin is quite different from traditional commodities like gold, copper, or rice that are now traded in the futures markets. "What's more, this commodity can be procured in many more unregulated cryptocurrency exchanges around the globe, which could potentially steer away a lot of traditional and conservative investors". "This allows more complex financial products to be created and will eventually open the doors to institutional money".

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