Ноя 4, 2017
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Bitcoin boom! Price now above $6,500

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Some investors may still think that bitcoin and other cryptocurrencies are a bubble about to burst. But bitcoin just got a big boost from one of the world’s biggest financial marketplaces.

CME Group, owner of the Chicago Mercantile Exchange and Chicago Board of Trade, announced Tuesday that it plans to start listing bitcoin futures contracts during the fourth quarter.

Futures let investors buy and sell an asset at a specified price at a later date, They’re popular bets for currencies, metals and agricultural commodities like corn, soybeans and lean hogs — as well as frozen orange juice for any fans of “Trading Places.”

CME (CME) CEO Terry Duffy said in a press release that the reason the company decided to launch the new bitcoin contract was due to “increasing client interest in the evolving cryptocurrency markets.”

The rapidly rising price has led to some skepticism. China has cracked down on its use in recent months, which has created more volatility in its price as of late.

Lukman Otunuga, a research analyst at online foreign exchange broker FXTM, wrote in a report Wednesday that the CME’s endorsement of bitcoin cannot be underestimated. It could help bring in more big-time institutional investors.

“Some skepticism over Bitcoin was rinsed away, consequently boosting its allure to market players,” Otunuga wrote, adding that “it is simply remarkable how resilient Bitcoin has been in the face of significant negativity.”

Goldman Sachs (GS) CEO Lloyd Blankfein tweeted last month that while he wasn’t endorsing or rejecting bitcoin just yet, he did note that “folks also were skeptical when paper money displaced gold.”

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