Bitcoin: $6700 almost reached

Let's figure out what stands behind these new Bitcoin price maximum
01 November 2017   1062

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.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   108

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.