This week, Bitcoin price, on its usual upward trajectory, barely blinked as it smashed through the $7,000 mark. The Bitcoin community obviously celebrated as the king of digital currencies shows no sign of slowing, but what is behind this latest rally?
The biggest factor behind the rally was the announcement of Chicago Mercantile Exchange’sdecision to offer Bitcoin futures.
Firstly, what is a Bitcoin future and why is it causing such a buzz on main street, Wall Street, as well as on the Bitcoin price.
Banking on what lies ahead
Futures are an essential part of mainstreet trading and investing; however they are also reserved for more steady and less volatile assets. Now, with this decision, Bitcoin is being legitimized somewhat, and that has again piqued Wall Street’s interest.
Wall Street, despite their divide and their clashing of ideologies, still has an important role to play in Bitcoin price as the financial bastion has shown their influence before.
In an earlier rise, coming after the Aug. 1st fork, Bitcoin hit a massive rally that was attributed to Wall Street flooding into Bitcoin once the heat was off from the so-called ‘civil war.’
Now, this move by the CME has again given Wall Street more reason to put faith in Bitcoin and thus the demand has skyrocketed, along with the price.
Source
The biggest factor behind the rally was the announcement of Chicago Mercantile Exchange’sdecision to offer Bitcoin futures.
Firstly, what is a Bitcoin future and why is it causing such a buzz on main street, Wall Street, as well as on the Bitcoin price.
Banking on what lies ahead
Futures are an essential part of mainstreet trading and investing; however they are also reserved for more steady and less volatile assets. Now, with this decision, Bitcoin is being legitimized somewhat, and that has again piqued Wall Street’s interest.
Wall Street, despite their divide and their clashing of ideologies, still has an important role to play in Bitcoin price as the financial bastion has shown their influence before.
In an earlier rise, coming after the Aug. 1st fork, Bitcoin hit a massive rally that was attributed to Wall Street flooding into Bitcoin once the heat was off from the so-called ‘civil war.’
Now, this move by the CME has again given Wall Street more reason to put faith in Bitcoin and thus the demand has skyrocketed, along with the price.
Source
