Monday, 29 November 2021

Bitcoin just smashed $7,000


LONDON: Just over 24 hours after it passed the $6,500 mark, bitcoin soared past another psychologically significant level this morning, rising above $7,000 (GBP 5294.8).

The cryptocurrency hit $7,010 in mid-morning trading, up more almost four per cent, as it continued to climb following the announcement by US exchange operator CME Group that it will launch Bitcoin futures by the end of this year.

That means the cryptocurrency has now climbed more than 600 per cent since the beginning of the year, when it was just under $1,000.

“With CME announcing on Tuesday that it will launch Bitcoin futures later this year, some scepticism over Bitcoin was rinsed away, consequently boosting its allure to market players,” said Lukman Otunuga, research analyst at FXTM.

“It is simply remarkable how resilient Bitcoin has been in the face of significant negativity… The price action suggests that bulls have a very firm grip.”

Kathleen Brooks, a research director at City Index, added that the lack of regulation governing bitcoin could be adding to its popularity.

“Bitcoin is not controlled by capricious central banks or government administrations, and in this environment that is an attractive quality to have.”

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