Bitcoin Spikes, Marks 7000

Bitcoin Spikes, Marks 7000

Bitcoin Spikes, Marks 7000

$BTCUSD

Bitcoin rose past 7,000 Vs USD for the 1st time, marking 3 milestone in about 1 month after it cut through 5,000 like a hot knife through butter.

Spot pricing for Bitcoin climbed as much as 7.1% to a high of 7,045.46 before pulling back slightly to 6,977.40 at 9:27a  in London Thursday, and is currently trading at 7,064.92 at 5:38p EDT in New York.

The leading cryptocurrency is up as much as 640% this year and is now worth more than $100-B.

The digital currency got new impetus this week after CME Group Inc.(NASDAQ:CME), 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.

 “It is remarkable how resilientRbitcoin has been in the face of significant negativity,” said  a research analyst at ForexTime, in a 1 November note to clients. “The price action suggests that Bulls have a very firm grip.”

CME is “caving in” to pressure from clients and placing a seal of approval around a “very risky, unregulated instrument that has a history of fraud and manipulation.”

The products planned by CME “remind us of the collateralized debt obligations which were flogged during the financial crisis,” he said.

 CME CEO Terry Duffy said in a TV interview on 1 November that the firm’s job is to “manage risk, not decide what the price of a product is.”

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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