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Bitcoin shoots up above $7,449.99 mark a coin against the dollar just at around 8:00 UTC. But, post-rally, the cryptocurrency has slumped slightly below $7,250 area.
Before we begin with this write up, let’s just know as to how the price of Bitcoin (or any other cryptocurrencies) seems to have exceeded the expectations of optimists and criticism of the pessimists for the first time this week; however, this performance beyond expectation is deemed to render completely arbitrary and speculative opportunities.
Amid this development, the Chicago Mercantile Exchange Group, the universally recognized derivatives contracts exchange, has lately publicized the launch of Bitcoin futures by year-end. As a result, to the announcement, Bitcoin has broken psychological $7,000 level.
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. He extended by adding concluding note that, “They comprehend the necessity for this application and they understand our model very well”.
The contract is based on the CME CF Bitcoin Reference Rate (BRR). While the bitcoin futures contract would be settled in cash, the BRR acts as a daily settlement price of the U.S. dollar price of bitcoin. This rate was launched by CME in November 2016 through the London-based digital trading platform Crypto Facilities Ltd.
