Bitcoin: $6700 almost reached

Let's figure out what stands behind these new Bitcoin price maximum
01 November 2017   1336

Bitcoin price

First cryptocurrency continues its rapid growth. At the moment of press, it is being traded on Bithumb exchange for $6682.31 average.

Bithumb Bitcoin Buy/Sell Orders
Bithumb Bitcoin Buy/Sell Orders

Average price is $6538.17 with almost $108B marketcap.

Bitcoin Charts
Bitcoin Charts

Background

Let's try to figure out, what are the background on these new price hights of Bitcoin.

CME to launch Bitcoin futures contract
World’s largest derivatives exchange, CME Group, is to launch Bitcoin futures by the end of the year. Assuming regulators grant CME’s application, the exchange will become the second U.S. regulated exchange to offer Bitcoin derivatives to institutional traders.

Bloomberg says "Bitcoin is going legit, for better or worse."
This is unexpected move by one of the two leading providers of financial information for professional participants in financial markets.

SEC to Decide on Bitcoin ETF until Feb 27 2019

Despite this news, Bitcoin price hit another bottom - $3400 this time
07 December 2018   100

The US Securities and Exchange Commission (SEC) issued a notice stating that consideration of a decision on an application to start Bitcoin-ETF from VanEck and SolidX with the assistance of CBOE will last until February 27 of next year.

According to the SEC rules, the period for consideration of this decision cannot be extended yet. Thus, the Commission on maximum uses the allotted time, and February 27 will be the final date for the decision on this application.

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.
 

Securities and Exchange Commision

According to representatives of the SEC, to date, the Commision has received more than 1600 comments on this application.

Despite this news, Bitcoin price hit another bottom - $3400 this time.