Bitcoin Soars on CME Launch of Bitcoin

Bitcoin prices soared to $7,595 on Sunday and was trading at $7,340 on the Bitfinex exchange on Monday following the announcement of CME Group that it plans to offer bitcoin Q4 this year.

CME adaptation of bitcoin cryptocurrency gives Bitcoin a seal of approval, paving the way for it to live up to its full potential, said CEO and founder at DataWallet.

Waiting for Regulatory Approval

CME is the world’s largest exchange operator of derivatives and is regulated by the Commodity Futures Trading Commission. CME are waiting for the regulatory approval before they can launch any bitcoin futures contract.

Goldman Sachs is also reportedly considering to set up trading operations focusing on bitcoin and other digital currencies, a sign that financial markets are warming up to bitcoin and helping it gain legitimacy in the financial markets.

Bitcoin started at $1,000 at the start of the year and has since risen to record highs and has a market capitalization of about $123 billion at the current prices.

Bitcoin Cash, the third most valuable cryptocurrency was down 1.99 percent at $613.01 with a total market cap of about $10.4 billion for the day.

The second most valuable cryptocurrency, Ethereum gained 1.52 percent to $300.39.

Bitcoin has been the highest performing currency over the past five years with unprecedented growth in value.

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