The price of the cryptocurrency has hit a record high of $6,600.84. Its market capitalization, which is the total value of bitcoin in circulation, hit $110 billion.
“Bitcoin just keeps on rising in value. Just more than a week after breaking $6,000 for the first time, the Bitcoin price reached another new high of $6,300 a few days ago, and is now on track to set a new all-time record for the fourth day in a row. As of Wednesday morning, Bitcoin just hit $6,612—and that’s only a few hours after it first crossed the $6,400 mark.”
On Tuesday, U.S.-based exchange CME said it would introduce bitcoin futures contracts this quarter, subject to regulatory approval.
The introduction of such a product could bring more institutional investors into the market. It’s believed that this is helping to boost the price.
“Favorable regulation has often been a catalyst for the bitcoin price to rise. For example, bitcoin saw a boost when Japanese authorities allowed shops to begin accepting bitcoin as payment earlier this year.”