BITCOIN HOLDS NEAR RECORD HIGHS, BITCOIN CASH FALLS 6%
On the U.S.-based Bitfinex exchange, bitcoin rose to $9558.2, up $242.2, or 2.60% after
rising to an all-time high of $9771 overnight. Bitcoin’s market cap rose to $161.59 billion.
The positive optimism on bitcoin comes amid signs of rising institutional demand as
JPMorgan (NYSE:JPM) said last week it was considering whether to provide its clients
access to bitcoin futures following the CME Group’s plan to introduce bitcoin futures before
the end of the year.
"Effective Sunday[,] 10 December 2017 for trade date Monday[,] 11 December 2017, and
pending all relevant regulatory review periods, please be advised that CME will launch Bitcoin
Futures." The CME Group (NASDAQ:CME) noted on its website last week.
The CME group’s announcement has fuelled investor hopes that bitcoin exchange-traded
funds will follow the launch of bitcoin futures, which would further add to institutional demand,
extending the rally in bitcoin.
Bitcoin cash fell 6.24% to $1,612, while bitcoin gold rose 0.67% to $370.45.
Ethereum, the second largest cryptocurrency by market cap, rose 0.50% to $471.55, as
Ethereum founder Vitalik Buterin revealed plans, which if successful, could see Ethereum
reach VISA-level scalability in the next 3-5 years.