Bitcoin Surges Even More After CME Futures Announcement
- Rises third day; set to attract more institutional investors
- CME Group planning to introduce bitcoin contracts by year-end
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Bitcoin extended gains to a new record on Wednesday after the CME Group Inc.’s announcement of a possible futures contract was seen as a source of legitimacy for the world’s most popular digital currency.
The cryptocurrency rose as much as 3.7 percent to $6,616 as of 10:50 a.m. in London, in a third day of gains. CME Group announced Tuesday that it plans to introduce trading in bitcoin futures by the end of the year, only a month after dismissing such a plan. Chief Executive Officer Terrence Duffy cited increased client demand as a key reason for the change of mind.