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Bitcoin climbed past $7,000 for the first time, breaching another milestone less than one month after it tore through the $5,000 mark.
Spot pricing for bitcoin climbed as much as 7.1 per cent to a high of $7,045.46 before pulling back slightly to $6,977.40 at 9:27 am in London. The cryptocurrency is up as much as 640 per cent this year and is now worth more than $100 billion.
The digital currency got new impetus this week after CME Group Inc, the world’s largest exchange owner, said it plans to introduce bitcoin futures by the end of the year, citing pent-up demand from clients. Sceptics including Themis Trading say the rally is evidence that the software-created asset is a bubble that should not be given regulatory cover. “It is simply remarkable how resilient bitcoin has been in the face of significant negativity,” said Lukman Otunuga, a research analyst at ForexTime. “The price action suggests that bulls have a very firm grip.”
Asked whether he’s concerned about a potential bubble, CME Chief Executive Officer Terry Duffy said that the firm’s job is to “manage risk, not decide what the price of a product is.”