Concern grows as Bitcoin rally above $7000 on CME group announcement - Alldamoney

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Concern grows as Bitcoin rally above $7000 on CME group announcement

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Bitcoin surpassed $7000 early Thursday, hitting a new high record, the digital currency's price have continued to climb overnight, building on consecutive highs in recent days and ultimately reaching the new all-time high of $7,144.68. According to data from industry website CoinDesk, Bitcoin market capitalization also hit $110 billion today.

bitcoin chart

Earlier on Tuesday, a major U.S. Exchange, CME said it would introduce bitcoin futures contracts this quarter, subject to regulatory approval.
Terry Duffy, CME Group chairman and CEO said "We've been working with the regulator. They understand our application. And they understand our model very, very well,”
Investing in Bitcoin will become easier and more affordable for investors once the CME Futures contract launches because the coins likely will be priced at a fraction of their current value. While enabling skeptical investors to sell short that is placing bets that the cryptocurrency will fall in the future.

Furthermore, Abhishek Pitti, CEO of Nucleus reiterated earlier enthusiasm “This is going to make people more comfortable and also make the markets more stable," which provides cryptocurrency services. "An institution is coming on board to organize the chaos he said.

Regulatory and fraud concerns

A number of regulators and experts have warned of illicit activity surrounding cryptocurrencies like bitcoin. JPMorgan (JPM) CEO Jamie Dimon, billionaire Warren Buffett and other veterans argue that bitcoin market is a bubble pumped up by fraud that's bound to burst in future.

Dimon comments on bitcoin, was that investors "stupid enough to buy bitcoin" would "pay the price for it one day."

While Flint called the virtual currency an "index of money laundering" raising concerns over fraudulent activity within investors.

To raise more concerns, the U.S. Securities and Exchange Commission on Wednesday said that celebrity endorsements of ICOs could be "unlawful" if they do not disclose how they are benefiting from the hype.

While in September, China's regulators moved to close down domestic bitcoin exchanges and also banned a practice known as "initial coin offerings" (ICOs), which is a crowdfunding method for firms to raise funds by selling new cryptocurrencies.
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Both measures sent the price of bitcoin down sharply as at that time.

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