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Bitcoin surges past $7,000 to extend record rally

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"

Eric Lam | Bloomberg 

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. ...

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First Published: Fri, November 03 2017. 01:55 IST