Bitcoin surges past $7000 to reach all-time high

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Bitcoin has continued to defy a large number of analysts and a huge amount of scepticism, with the digital currency having reached a record high of $7,000.

Bitcoin set another all-time high yesterday hitting $7,000 for the first time.

Bitcoin is surging on Thursday morning, shooting past $7,000 per coin on Thursday morning for the first time ever.

The recent run has been helped by news on Tuesday that CME Group, the world's largest exchange operator, plans to introduce bitcoin future contracts in response to client demand.

The new contracts will be settled in cash and will be based on the CME CF Bitcoin Reference Rate, a once-daily measure of the USA dollar price of bitcoin.

"We could very well see bitcoin going multiple folds higher when that happens".

"This is bitcoin crossing the divide from the wild west of finance to the mainstream", Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told CNBC in an email Thursday.

"CME and similar Futures offerings for the traditional financial industry will make it possible for these institutional investors and funds to take positions within the bitcoin and later general cryptocurrency ecosystem, while complying with their existing counterparty and regulatory requirements". The cryptocurrency, which has surged more than sevenfold this year, peaked above $7,000 threshold following the Chicago-based venue's announcement. The total value of bitcoin's market cap is now above $123 billion.

The latest spike in value brings Bitcoin's yearly gain to well over 600 percent.

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